PIMCO ERs

[chang]

Did PIMIX lower its expense ratio? They're now showing (https://www.pimco.com/en-us/investments/mutual-funds/income-fund/inst):

Effective as of 08/01/2022
Gross Expense Ratio 0.51%
Adjusted Expense Ratio 0.50%

I could have sworn that a few years ago they jacked it up closer to 1%. And does this fee include the cost of leverage?

For PFIIX (https://www.pimco.com/en-us/investments/mutual-funds/low-duration-income-fund/inst):

Effective as of 08/01/2022
Gross Expense Ratio 0.50%

[newtecher]

This is what annual and semi-annual reports are for, though finding the right numbers can be a little messy. For example, go to www.sec.gov/Archives/edgar/data/810893/000119312522300773/d387469dncsrs.htm and search for "Financial Highlights PIMCO Income Fund (Consolidated)".

For PIMIX, "Expenses Excluding Interest Expense", a.k.a. adjusted expense ratio, has been steady at 0.5% for the last five years. With leverage interest, it was as high as 1.09 in 2019-2020. It looks like they are just not using leverage much anymore.

[yogibearbull]

Pimco has reduced some ERs, especially for the institutional classes (within most large retirement plans), but classes A (NTF at Fido and Schwab) and R (some retirement plans) have high ERs. Leverage costs are less too. I think that Pimco doesn't want 401k/403b lawsuits for obnoxious high fees. Otherwise, Pimco is hardly a good low-cost example.

Pimco Income Summary Prospectus