A and C Shares

A financial professional can help evaluate your financial planning needs and help set your investment objectives. Please speak with your financial advisor about whether our funds are appropriate for you and to help you choose the most appropriate investment options based on your personal goals, and how to open an account.

Generally, the minimum initial investment for class A and C shares is $1,000 per fund for both individual retirement and non-retirement accounts. However, the initial fund minimum is lowered to $250 per fund if you establish an Automatic Investment Plan (AIP). The minimum for subsequent purchases is $50 per fund. For additional assistance about opening an account in these share classes, please contact a Client Service Representative at 800.426.0107.

Institutional, I-2, I-3 and Administrative Shares

The minimum initial investment for Institutional, I-2, I-3 and Administrative shares is $1 million per account. However, that initial investment minimum may be modified for certain financial intermediaries. If you wish to purchase Institutional and Administrative shares directly, without the help of a financial advisor, you must review a prospectus, complete an application and send it to us for processing. The prospectus is available on the Fund Literature page under the Resources section and account applications are available on the Forms and Applications page under the Resources section.

To invest in I-2 and I-3 shares, you must contact your financial advisor, as PIMCO Funds does not sell this share class directly.

For additional assistance about opening an account in these share classes, please contact a Client Service Representative at 800.927.4648.

Share classes may differ by their internal expenses, potential upfront and/or back-end sales charges, investment minimums and types of investors to whom they’re available. Please review the fund prospectus for a full explanation of the differences between share classes.

Generally, the minimum initial investment for class A and C shares is $1,000 per fund. However, the initial fund minimum is lowered to $250 per fund if you establish an Automatic Investment Plan (AIP). The minimum subsequent purchase is $50 per fund. Class R shares have no initial or subsequent investment minimums.

Class A shares

• Have an initial sales charge that is deducted from investment at the time shares of the PIMCO Funds are purchased.
• Are subject to lower 12b-1 fees than class C shares; thus, shareholders generally pay lower annual expenses and receive higher dividends than class C shareholders.

Class C shares

• Have an asset-based sales charge (a contingent deferred sales charge of 1.0% may apply if shares are redeemed during the first year after initial purchase).
• Are subject to higher 12b-1 fees than class A shares; thus, shareholders normally pay higher annual expenses and receive lower dividends than class A shareholders.

Class R shares

• Are generally available to the following plans: 401(k), 457, employer sponsored 403(b), profit sharing and money purchase pension, defined benefit, non-qualified deferred compensation, and health care benefit funding.
• Do not have an initial sales charge or a contingent deferred sales charge.
• Are not available for individual retirement accounts.

If you have questions about class A, C, or R shares, please call us at 800.426.0107 between the hours of 8 a.m. and 8 p.m. EST.

The minimum initial investment for Institutional, I-2, I-3, Administrative or M shares is $1,000,000 per account. The minimum may be waived or amended for certain financial intermediaries. If you invest through a financial intermediary, please confirm the minimum investment amount with your intermediary.

Institutional class shares

• Offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations, and high net worth individuals.
• This class of shares may also be offered through certain financial intermediaries that charge their customers transactions or other fees with respect to their customers’ investments in the funds.

I-2 shares

• Offered primarily through certain asset allocation, wrap fee and other similar programs offered by broker dealers and other intermediaries.
• Broker/dealers, other intermediaries, pension and profit sharing plans, employee benefit trusts and employee benefit plan alliances also may purchase I-2 shares. These entities may purchase I-2 shares only if the plan or program for which the shares are being acquired will not acquire a fund to pay any type of administrative payment per participant account to any third party.

I-3 shares

• Offered primarily through Institutional NTF class for intermediary platforms.
• Broker/dealers and other intermediaries also may purchase I-3 shares.

Administrative class shares

• Offered primarily through employee benefit plan alliances, broker/dealers, and other intermediaries.
• Each Fund pays service and/or distribution fees to these entities for services they provide to Administrative class shareholders.

Class M shares

• Offered primarily for direct investment by investors such as pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations, high net worth individuals, and through intermediary trading platforms and portals that provide specialized sub-accounting and shareholder processing services.
• Class M shares may also be offered through certain financial intermediaries that charge their customers transaction or other fees with respect to their customers’ investments in the funds.

If you have questions about Institutional, I-2, I-3, Administrative or M shares, please call 800.927.4648 between the hours of 9 a.m. and 7 p.m. EST.

Generally the minimum initial investment required to open a PIMCO Funds retail account in class A or class C shares is $1,000 per fund. However, the initial fund minimum is lowered to $250 per fund if you establish an Automatic Investment Plan (AIP). The minimum for subsequent purchases is generally $50 per fund. There are no initial or subsequent investment minimums for class R shares. The minimum initial investment for Institutional, I-2, I-3, Administrative and M shares is $1 million per account. However, that initial investment minimum may be modified for certain financial intermediaries that submit trades on behalf of underlying investors.

For a summary of the minimum initial investment and minimum subsequent investment for each type of account, please refer to the Statement of Additional Information.

A, C and R Shareholders

If your account is held directly with PIMCO Funds, you can contact a Client Service Representative at 800.426.0107 to initiate the exchange within your account. Additionally PIMCO’s Account Access, an online tool for accessing your account, now provides eligible clients who invest in A or C shares with the ability to perform online transactions, including exchanges, within their accounts. If your account is held at a brokerage firm, please contact your financial advisor for more information about exchanging fund shares.

Performance for the calendar, 1-, 3-, 5- and 10-year periods and since inception is available on this website. After selecting a fund, you will be redirected to that fund’s homepage. Performance information is available in the Prices & Performance section.

You may also visit our Mutual Funds page under the Investments section where you will have daily, month-end, and quarter-end performance figures for all of the PIMCO Funds.

Current and historic dividend rates and price information is available on our website. After selecting a fund, you will be redirected to that fund’s homepage. Current dividend rates are available in the Yields & Distributions section. The Historical Prices & Distributions link will give you access to historical prices and dividends.

A dividend and capital gains calendar, providing important dates relative to future payments, can be found under the Resources section, on the Tax Center page of our website.

After selecting a fund, you will be redirected to that fund’s homepage. All of this information can be found on the Portfolio Compositions section.

A, C and R Shareholders

PIMCO Funds does not provide investment advice or have an advisor referral service. Shareholders should speak directly with their own financial advisors for information about which investment options might be right for them.

Retail clients

A and C Shareholders

Yes. PIMCO’s Account Access now provides eligible clients with existing accounts invested in A or C shares with the ability to perform online transactions, including fund purchases, exchanges and redemptions. Additionally, registered users can quickly and conveniently view account statements, retrieve tax information, view personal fund performance and the performance of other PIMCO funds. Visit pimco.com/MyAccountAccess to get started.

PIMCO and its Affiliates do not provide investment recommendations or advice. You should consult with your financial advisor about whether our funds are appropriate for you and about any funds you in which you may wish to consider for investment.

The sales charges reflected on investor statements may differ from the percentages listed in the prospectus. This difference is due to rounding. The illustration below demonstrates how to calculate a sales charge. The calculation can result in an assessed sales charge that is less or greater than the percentages quoted in the prospectus for funds with a front-end sales charge.

Divide the Net Asset Value (NAV) by 100 % minus the sales charge – this amount (price) is rounded to two decimals

Step 2: Calculating Shares Purchased

Divide the Investment Amount by the Public Offering Price – this amount (shares) is rounded to three decimals

Step 3: Calculating Account Balance

Multiply shares purchased by the NAV

Step 4: Calculating the Assessed Sales Charge

Subtract the Account Balance from the Investment Amount Divide this amount by the Initial Investment Amount – this amount (sales charge) is rounded to two decimals

Sale Charge Rounding

PIMCO fund prospectuses and other fund literature can be found on the Fund Literature page under the Resources section.

Historical fund prospectuses are available on the Securities and Exchange Commission’s website, sec.gov, and can be accessed by utilizing the EDGAR database.

Account forms and applications are available on the Forms and Applications page under the Resources section.

Current and historical tax information for the PIMCO funds are available on the Tax Center page under the Resources section of this website.

A and C Shares

If your account is held directly with us, you may sign-up for e-delivery of statements, confirmations and tax forms on our website. After clicking on Access my Account on the top-right of the homepage, please follow the simple directions to register for online account access or, if you are a returning user, log-in using your PIMCO credentials. Once logged-in, click on “Update E-Delivery Consent” under the “I Want To” section on the toolbar located on the right-side.

Institutional, I-2, I-3 and Administrative Shares

If your account is held directly with us, you may download account statements and view transaction history on our website. After clicking on Access my Account on the top-right of the homepage, please follow the simple directions to register for online account access or, if you are a returning user, log-in using your PIMCO credentials.

Please note that we are required to provide all direct shareholders with account statements and transaction confirmations. At this time, however, we do not have the ability to send out statements electronically. Therefore, even if you register to view your account statements online, you will continue to receive hard copies of these documents via mail.

If your statement was prepared by a broker/dealer, please contact them directly to obtain the requested information.

You may elect to receive documents related to your account, such as annual/semi-annual reports, prospectuses, proxy statements and newsletters, via internet delivery by clicking on the link below. Shareholders with direct accounts should click on “Direct Shareholders” and those with accounts held with brokerage firms should click on “Brokerage Account Shareholders.” After making the appropriate selection, please follow the instructions provided.

www.pimco.com/edelivery

A closed-end fund is a type of registered investment company that issues a fixed number of common shares which typically are listed on a stock exchange. Once issued, a closed-end fund’s common shares are bought and sold in the open (i.e., secondary) market and have a fluctuating market share price. The common share market price may be higher or lower than the fund’s net asset value (NAV) (i.e., a market premium or discount). The fund’s NAV per share reflects the value of the underlying securities in its portfolio.

Investors may purchase shares of a closed-end investment in the secondary market, on an exchange, the same way an investor would buy a stock. We do not sell closed-end fund shares directly. We recommend that you speak with your financial advisor to determine how best to execute a purchase of shares.

The NAV of a closed-end fund is calculated by subtracting the fund’s liabilities (e.g., fund expenses) from the current market value of the assets within its portfolio and dividing that by the total number of shares outstanding. This means that the NAV changes as the total value of the underlying portfolio’s securities changes.

A closed-end fund’s market price is based solely on market demand (supply and demand), which goes beyond the control of the fund manager.

The difference between a fund’s NAV and market price indicates whether a fund is trading at a premium or discount.

Reset rates for the PIMCO Auction Rate Preferred Securities are available on our website, pimco.com/closedendfunds. Updated reset rates are posted every Monday for the prior week. For your convenience we have provided a direct link to this information: ARP Rates

Performance information is available on our website, pimco.com/closedendfunds.

If you are interested in obtaining performance information for a specific fund please select the fund you will be redirected to that fund’s homepage. Performance information is available in the Prices & Performance section.

Please consult your financial advisor for general advice and insight about making an investment as he or she can most appropriately discuss specific investment options available to you. PIMCO Funds does not have its own financial advisors or offer a referral service.

For more information on the PIMCO Closed-End Fund DRIP policy, we encourage you to access our policy on our website, pimco.com/closedendfunds.

Dividend Reinvestment Plan Terms and Conditions

Please note that our DRIP policy is also available in each fund’s annual report.

Section 19 of the Investment Company Act of 1940 requires registered investment companies (including closed-end funds) to include a notice with the payment of a dividend if a portion of that dividend comes from sources other than undistributed net income. Other common sources from which dividends could be paid include capital gains and non-taxable return of capital. This means that a fund that pays a dividend that includes the return of capital or capital gains would be required to provide a notice, but a fund whose distribution consists solely of undistributed net investment income would not require a notice. As a result, a Section 19 Notice generally does not accompany every dividend payment, and the need to send such a notice is determined by the fund.

To find out if a fund has issued a Section 19 Notice, please select the appropriate fund and select the Documents section. The latest Section 19 Notices, if applicable, will be posted here.

Please note that unlike with a mutual fund prospectus, a closed-end fund prospectus is generally not updated and therefore may contain stale data. Rather than referring to the prospectuses, we recommend that you access the semi-annual and annual reports for current fund information.

Fund literature for the PIMCO Closed-End Funds is available on our website, pimco.com/closedendfunds. After selecting the appropriate Fund, you will be redirected to that fund’s homepage. Fund literature is available in the Documents section.

If you wish to still access the prospectus for fund, please scroll to the bottom of the Fund page and click on the Section 16 Filing link. This will bring you to the EDGAR database on the Securities and Exchange Commission’s website.

Please note that anytime a PIMCO Closed-End Fund declares a distribution, details will be posted on our website,pimco.com/closedendfunds, in the form of a press release. To access current and historical press releases, please select the appropriate Fund, you will be redirected to that fund’s homepage. A link to current and historical press releases is available in the Yields and Distributions section.

You may also access press releases by clicking on Our Firm, Media and Press Releases, then select Closed-End Funds Press Releases. For your convenience we have provided a direct link to this page below:

pimco.com/resources/product-resources/cef-press-releases

Press releases are posted to our website on the date in which a distribution is declared. Please note that corporate actions and changes to investment objectives or portfolio managers would also trigger a press release.

As a PIMCO Closed-End Funds shareholder, you may elect to receive communications relative to your account, such as annual/semi-annual reports, via internet delivery. To do so, please click on the link below. Shareholders with direct accounts should then click on the “Direct Shareholders” link, while shareholders with accounts held with a brokerage firm should click on the “Brokerage Account Shareholders” link.
www.pimco.com/edelivery

If your account is held direct and you are interested in viewing your account, initiating a transaction or making changes to your account, please visit astfinancial.com. After clicking on Client Login, please select Shareholders & Investors from the drop-down. After registering or logging into your account, you will be brought to a menu which will allow you to facilitate the appropriate request.

An interval fund is a type of registered closed-end fund that operates pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). Interval funds periodically offer to repurchase their outstanding common shares from shareholders. That is, the fund does not offer daily liquidity through redemptions, but offers to buy back a stated portion of its common shares from shareholders (between 5% and 25% of its outstanding common shares) at periodic intervals, at a price based on net asset value as of a specified date, subject to any applicable repurchase fee. To tender their shares, shareholders must submit repurchase requests during a repurchase offer period by the repurchase request deadline. In the event a repurchase offer by a fund is oversubscribed, the fund may, but is not required, to repurchase additional common shares up to a maximum amount of 2% of the outstanding common shares of the fund as of the date of the repurchase request deadline. If the fund determines not to repurchase additional common shares beyond the repurchase offer amount, or if shareholders tender an amount of common shares greater than that which the fund is entitled to repurchase, the fund will repurchase the common shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request.

Interval funds are different from exchange-listed closed-end funds in that:

• Their shares typically do not trade on the secondary market (although some interval funds may be exchange-listed).
• Interval funds may continuously offer their shares at a priced based on the fund’s net asset value.

Please refer to the applicable fund’s prospectus for information on how to purchase common shares. In addition, a financial professional can help evaluate your financial planning needs and help set your investment objectives. Please speak with your financial advisor about whether our funds are appropriate for you and to help you choose the most appropriate investment options based on your personal goals, and how to open an account.

For additional assistance with opening an account of Institutional Class Shares directly with PIMCO, please contact a Client Service Representative at 844.312.2113. To invest in other share classes of PIMCO Interval Funds, please contact your financial advisor, as the PIMCO Interval Funds currently do not offer shares other than their Institutional Class shares directly.

Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing, as an investment in a fund may not be appropriate for all investors and is not designed to be a complete investment program. This and other information about the fund are contained in the fund’s prospectus, which may be obtained by contacting your investment professional or PIMCO representative or by visiting www.pimco.com. Please read the prospectus carefully before you invest or send money.

Share classes may differ by, among other things, potential sales charges, distribution fees and other share class-related expenses, investment minimums and types of investors to whom they’re available. In addition, if you buy certain classes of shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. Please also review the fund prospectus for additional information. The prospectus is available on the pimco.com/literature page under the Resources section.

The minimum initial investment for Institutional Class common shares is $1 million per account. However, that initial investment minimum may be modified for certain financial intermediaries that submit orders on behalf of their customers. For a summary of the minimum initial investment and minimum subsequent investment for each type of account, please refer to the fund’s prospectus and Statement of Additional Information. Both documents are available on the pimco.com/literature page under the Resources section.

An interval fund makes periodic offers to repurchase between 5-25% of its outstanding common shares at net asset value pursuant to a fundamental policy that can only be changed by a vote of its shareholders. Please refer to a fund’s prospectus for additional information about such fund’s periodic repurchases. It is important to note that there is currently no secondary market for PIMCO Interval Funds’ common shares and none is expected to develop. Investors should consider common shares of a PIMCO Interval Fund to be an illiquid investment.

Note: An interval fund may charge a repurchase fee of up to 2% of the repurchase proceeds. In addition, your financial adviser or other financial intermediary may charge service fees for handling common share repurchases. For additional information on common share repurchases, please refer to a fund’s prospectus and Statement of Additional Information.

A Repurchase Calendar can be found on the pimco.com/literature page under the Resources section.

If your account is held directly with PIMCO, you can contact a Client Service Representative at 844.312.2113 to initiate the exchange within your account. If your account is held at a brokerage firm, please contact your financial advisor or brokerage firm for more information about exchanging fund shares.

Note: Exchanges out of a PIMCO Interval Fund must coincide with a repurchase offer. For additional information on purchases, repurchases and exchanges, please refer to the fund’s prospectus and Statement of Additional Information.

Performance information is available on our website at pimco.com/interval. After selecting a fund, you will be redirected to that fund’s homepage. Performance information is available in the Prices & Performance section.

Current and historic distribution rates and price information is available on our website at pimco.com/interval. After selecting a fund, you will be redirected to that fund’s homepage. Current distribution rates are available in the Distributions section. The Historical Prices & Distributions link will give you access to historical prices and distributions.

A distribution and capital gains calendar, providing certain important dates relating to the PIMCO Interval Funds’ distribution schedule, can be found under the Resources section, on the Tax Center (Interval Funds) page of our website.

Information is available on our website at pimco.com/interval. After selecting a fund, you will be redirected to that fund’s homepage. This information can be found in the Monthly Commentaries and Holdings Report under the Documents section.

PIMCO Interval Funds do not provide investment advice or have an advisor referral service. Investors should consult their investment professional prior to making an investment decision. This material is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments in any jurisdiction.

If your account is held directly with PIMCO, and you are interested in viewing your account, please visit the Access my Account link on this website. Register as an Institutional Investor to access account information via PIMCO Pro.

To invest in other share classes of PIMCO Interval Funds, please contact your financial advisor, as the PIMCO Interval Funds currently do not offer shares other than their Institutional Class shares directly.

PIMCO Interval Fund prospectuses and other fund literature can be found on the pimco.com/literature page under the Resources section.

Historical fund prospectuses are available on the Securities and Exchange Commission’s website, sec.gov, and can be accessed by utilizing the EDGAR database.

Account forms and applications are available on the pimco.com/forms page (Interval Funds) page under the Resources section.

Current and historical tax information for the PIMCO Interval Funds is available on the Tax Center (Interval Funds) page under the Resources section of this website.

You may elect to receive documents related to your account, such as annual/semi-annual reports, prospectuses, proxy statements and newsletters, via internet delivery by clicking on the link below. Shareholders with direct accounts should click on “Direct Shareholders” and those with accounts held with brokerage firms should click on “Brokerage Account Shareholders.” After making the appropriate selection, please follow the instructions provided.

www.pimco.com/edelivery

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund's prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative or by visiting www.pimco.com. Please read them carefully before you invest or send money.

All investments contain risk and may lose value. PIMCO Interval funds are subject, but not limited to, the following risks:

Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage-related assets and other asset-backed instruments may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market's perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral could be liquidated.

Investments in distressed loans and bankrupt companies are speculative and the repayment of default obligations contains significant uncertainties. The value of real estate and portfolios that invest in real estate may fluctuate due to: losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws, and operating expenses. Structured products such as collateralized debt obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could lose more than the principal amount invested. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. An investment in an interval fund is not suitable for all investors. Unlike typical closed-end funds an interval fund's shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. There is also no secondary market for the Fund's shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer.

There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for a long-term especially during periods of downturn in the market. An investment in the Funds is speculative involving a high degree of risk, including the risk of a substantial loss of investment. Investors should consult their investment professional prior to making an investment decision.

PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns.

There can be no assurance that any Fund will achieve its investment objectives. An investor should consider, among other things, the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund. Please read the prospectus carefully before investing.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2023, PIMCO

PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.