In plain terms — PIMCO Corporate & Income Strategy Fund
Shares currently cost about 1.8% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 4.3% premium, so today's level is unusually wide for this fund (Z-score -2.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 12.6% a year of the share price (12.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.02 of assets — a ReinvestCapture™ rate of 12.9%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 3.7% over the past year including distributions (NAV total return).
Annual costs are 1.53% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +1.24% | 2.36% | -1.23 | 55 |
| 6 months | +2.20% | 2.01% | -1.92 | 108 |
| 1 year | +4.29% | 2.94% | -2.02 | 206 |
| 3 years | +10.47% | — | — | — |
| 5 years | +12.72% | — | — | — |
Current contemporaneous premium/discount -1.65% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -3.54% to +12.51%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.42% | -9.64% | -17.71% | -20.87% | -2.56% | -10.40% |
| Market price total return | -5.44% | -6.91% | -9.56% | -11.47% | +8.29% | -0.68% |
| NAV return | -2.24% | -4.47% | -8.71% | -7.71% | +0.71% | -5.42% |
| NAV total return | -1.23% | -1.55% | +0.68% | +3.73% | +13.10% | +6.15% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The PIMCO Corporate & Income Strategy Fund (PCN) operates as a closed-end mutual fund dedicated to fixed income investments. It is primarily overseen by Allianz Global Investors Fund Management LLC, with co-management responsibilities shared by Pacific Investment Management Company LLC. This fund focuses its investments within the U.S. fixed income landscape, allocating capital to a diverse array of debt instruments. These include U.S. Treasury obligations, corporate notes, government agency securities, and various asset-backed and mortgage-backed securities, sourced from companies spanning numerous sectors. Its portfolio is constructed using a top-down security selection methodology, underpinned by thorough fundamental analysis. Established in the United States on October 17, 2001, the fund was previously known as PIMCO Corporate Income Fund.
CEF Explorer research page for PIMCO Corporate & Income Strategy Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.