PIMCO Announces Joint Special Shareholder Meeting for Multiple Funds

Shareholders of five PIMCO-managed funds to vote on board trustee elections in upcoming special meeting.

September 20, 2024

Key Proposals on the Ballot:

The main item on the agenda is the election of trustees to the boards of these funds. Specifically, shareholders will be asked to vote on three nominees: Kathleen A. McCartney, Libby D. Cantrill, and David Flattum. Notably, these nominees vary in their classification as either independent or affiliated with PIMCO. McCartney is nominated as an independent trustee, while both Cantrill and Flattum are considered "interested persons," with ties to PIMCO or its affiliates.

The trustees up for election will serve a critical role in overseeing the management and operations of each fund, ensuring the effective governance of these assets. A mix of independent and interested trustees can balance oversight with deep knowledge of the firm's internal workings.

The election is particularly significant in light of Mr. David N. Fisher's expected retirement later in 2024. Mr. Flattum's nomination to the board is aimed at filling the gap left by Fisher’s departure and bringing in additional experience from the financial services industry. This reshuffling of trustees reflects PIMCO's intent to maintain effective oversight while complying with regulatory requirements under the Investment Company Act of 1940.

For CAFLX and PMFLX, both common and preferred shareholders will have equal voting rights, while for PFLEX and EMFLX, only common shareholders are entitled to vote. The PMAT vote involves multiple series under the Managed Accounts Trust umbrella, including several "Fixed Income SHares" series.

Implications for Shareholders

Shareholders who wish to participate in the vote but cannot attend in person are encouraged to submit proxy cards in advance. Voting by mail, phone, or internet is made available, emphasizing the importance of shareholder input in these governance decisions. The meeting underscores PIMCO's commitment to transparent governance and ensuring that shareholders have a say in the oversight of their investments.

This development also highlights PIMCO’s broader governance structure, where the mix of independent and interested trustees helps ensure balanced oversight. PIMCO's leadership approach emphasizes strong board participation across its multiple funds, with regular meetings and dedicated committees that focus on audits, governance, and fund performance.

Shareholders seeking additional information can review the proxy materials available online, which detail the voting process and the specific responsibilities of the proposed trustees.