PHK - PIMCO High Income Fund

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. June 24, 2026

   The fund said it may sell new shares.

   Original document →

2. April 15, 2025

   The fund said it may sell new shares.

   Original document →

3. April 14, 2025

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Pacific Investment Management Company LLC. Part of the PIMCO fund family. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $848 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 31% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -13.5%; at +10%, about +11.5%. As of June 30, 2026, from the fund's annual report. Original document →
• Costs: 0.8% a year in management fees; 1.8% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 2 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $18 in the first year and about $209 over 10 years, assuming the holdings return 5% a year. As of June 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $0.58 a share. $0.52 of that was income; $0.06 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $4.53. The shares traded at $4.66, about 2.9% above that. As of June 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 2.4% below to 8.6% above. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 3.9% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2003.

How this has changed

• Payouts per share: $0.58 in the fiscal year ended June 30, 2026; $0.58 in the year ended June 30, 2025; $0.58 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.06 in the year ended June 30, 2026; $0.05 in the year ended June 30, 2025; $0.10 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.78% a year in the fiscal year ended June 30, 2026; 1.44% a year in the year ended June 30, 2025; 2.91% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $848 million at June 30, 2026; $804 million at June 30, 2025; $720 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: about 31% on top of its own money at June 30, 2026; 26% at June 30, 2025; 29% at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 187 million shares at June 30, 2026, up 18.4% from June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +9.9%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +12.5%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +9.2%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned +9.2%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• Those four years together: the shares returned +47.4%. $10,000 of shares bought at the start (July 1, 2022) would have become about $14,700 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +9.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 15 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 1 reported a higher share return for that year and 13 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (40%), the rest derivatives, loans and mortgage bonds. About 67% issued in the U.S.

1.4% of holdings are in default.

1. Derivatives - 15.4%
2. U.S. Renal Care, Inc. - 3.5%
3. Titulos de Tesoreria, Colombia TES - 2.7%
4. Rd Michigan Prop Owner I, Road Michigan Property Owner I LLC - 2.5%
5. Peraton Corp. - 2.2%
6. Promotora de Informaciones SA - 2%
7. Beignet Investor LLC - 2%
8. Syniverse Holdings, Inc. - 2%
9. Ams-Osram AG - 1.8%
10. Ecopetrol SA - 1.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →