In plain terms — PIMCO Income Strategy Fund
Shares currently cost about 5.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 3.0% premium, so today's level is unusually wide for this fund (Z-score -2.6). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 14.5% a year of the share price (13.7% 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 $1.06 of assets — a ReinvestCapture™ rate of 15.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 1.9% over the past year including distributions (NAV total return).
Annual costs are 1.29% 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 | -0.13% | 3.15% | -1.47 | 55 |
| 6 months | +1.02% | 2.72% | -2.13 | 108 |
| 1 year | +3.04% | 3.04% | -2.57 | 206 |
| 3 years | +3.95% | — | — | — |
| 5 years | +4.14% | — | — | — |
Current contemporaneous premium/discount -4.78% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -5.95% to +7.53%. 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 | -7.91% | -14.43% | -21.23% | -21.51% | -3.97% | -10.37% |
| Market price total return | -6.80% | -11.52% | -12.59% | -11.19% | +8.16% | +0.57% |
| NAV return | -3.26% | -5.82% | -10.78% | -10.21% | -1.37% | -7.43% |
| NAV total return | -2.15% | -2.65% | -0.74% | +1.94% | +11.62% | +4.38% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
PIMCO Income Strategy Fund is a closed-ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Pacific Investment Management Company LLC. It invests in fixed income markets across the globe. The fund invests in a diversified portfolio of floating rate debt instruments with an average duration of around three years. It employs fundamental analysis with top-down approach to create its portfolio. The fund was formerly known as PIMCO Floating Rate Income Fund. PIMCO Income Strategy Fund was formed on June 19, 2003 and is domiciled in the United States.
CEF Explorer research page for PIMCO 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.