NEW YORK, Sept. 22, 2023 (GLOBE NEWSWIRE) -- PIMCO Energy and Tactical Credit Opportunities Fund (NYSE: NRGX) (the "Fund") announced that it will change its name, ticker symbol, investment objectives and guidelines, and portfolio manager lineup, as further described below. Pacific Investment Management Company LLC ("PIMCO"), the investment manager of the Fund, expects that the changes will reduce the Fund's focus on investments linked to the energy sector in favor of a primarily income-oriented objective and broader, multi-sector credit mandate, which PIMCO believes has the potential to strengthen secondary market demand for the Fund's common shares.
The Fund will be renamed "PIMCO Dynamic Income Strategy Fund" and its New York Stock Exchange ticker symbol will be "PDX". The Fund's new investment objectives will be to seek current income as a primary objective and capital appreciation as a secondary objective. The Fund will also rescind its policy to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments linked to the energy sector. The Fund will, however, continue to invest at least 25% of its total assets in the energy industry.
In addition, the following individuals will be added to the Fund's portfolio management team: Dan Ivascyn, Managing Director and Group Chief Investment Officer, Alfred Murata, Managing Director, and Giang Bui, Executive Vice President. Messrs. Murata and Ivascyn and Ms. Bui have an aggregate 79 years of investment experience.
In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended, the Fund will provide shareholders with 60 days' written notice of the rescission of the Fund's non-fundamental 80% policy. All of the changes described above will be effective on November 21, 2023 (the "Effective Date").
The Fund and PIMCO have also agreed, effective on December 1, 2023, to reduce the Fund's annual management fee rate from 1.35% to 1.25% of the Fund's average daily total managed assets.
For a summary of the Fund's revised investment objectives and principal investment strategies, please refer to the Form 8-K filed by the Fund on September 22, 2023, which is available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov.
For more information about the Fund, please see the Fund's website.
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