# EDGAR Filing Document

**Accession Number:** 0001851077
**File Stem:** 0001193125-26-004581
**Filing Date:** 2026-1
**Character Count:** 905103
**Document Hash:** d3742e265bff435a83ef5fb6d7f13aa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-004581.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001193125-26-004581

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Flexible Emerging Markets Income Fund
- **CENTRAL INDEX KEY:** 0001851077

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-254586
- **FILM NUMBER:** 26512084

**BUSINESS ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 844-312-2113

**MAIL ADDRESS:**
- **STREET 1:** 1633 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

?xml version='1.0' encoding='ASCII'? 424B3

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Interval Funds

Prospectus

October 31, 2025 (as supplemented January 6, 2026)

PIMCO Flexible Emerging Markets Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

  <u>Common Shares</u> <br>   <u>Institutional Class</u> <u>Class A-1</u> <u>Class A-2</u> <u>Class A-3</u> <u>Class A-4</u> <br> PIMCO Flexible Emerging Markets Income Fund EMFLX EMALX EMBLX EMCLX EMDLX

Neither the U.S. Securities and Exchange Commission nor the U.S. Commodity

Futures Trading Commission has approved or disapproved of these securities, or

determined that this prospectus is truthful or complete. Any representation to

the contrary is a criminal offense.

The Fund.

PIMCO Flexible Emerging Markets Income Fund (the "Fund") is a non-diversified,

closed-end management investment company with limited operating history that continuously

offers its shares of beneficial interest, par value of $0.00001 per share (the "Common

Shares"), and is operated as an "interval fund." The Fund currently offers five separate classes

of Common Shares: Institutional Class, Class A-1, Class A-2, Class A-3 and Class A-4.

Investment Objective.

The Fund seeks to provide attractive risk-adjusted returns and current

income.

Investment Strategy.

The Fund seeks to achieve its investment objective by investing, under

normal circumstances, across a wide array of instruments, including from sovereign,

quasi-sovereign and corporate borrowers, that are economically tied to "emerging market"

countries. The Fund utilizes a flexible asset allocation strategy among multiple public and

private credit sectors in the emerging market credit markets, including corporate debt

(including, among other things, fixed-, variable- and floating-rate bonds, loans, convertible and

contingent convertible securities and stressed, distressed and defaulted debt securities issued

by corporations or other business entities), mortgage-related and other consumer-related

instruments, collateralized debt obligations, including, without limitation, collateralized loan

obligations, government, sovereign and quasi-sovereign debt and other fixed-, variable- and

floating-rate income-producing securities. The Fund may invest without limit in investment

grade debt securities and in below investment grade debt securities (commonly referred to as

"high yield" securities or "junk bonds"), including securities of stressed, distressed or defaulted

issuers. Pacific Investment Management Company LLC ("PIMCO" or the "Investment

Manager"), the Fund's investment manager, employs an active approach to allocation among

multiple credit sectors based on, among other things, market conditions, valuation

assessments, economic outlook, credit market trends and other economic factors.

The Fund has no targeted average portfolio duration and the Fund's average portfolio duration

may vary significantly depending on market conditions and other factors. It is expected that the

Fund normally will have a short to longer average portfolio duration (i.e., within a zero to 12

year range), as calculated by the Investment Manager, although it may be shorter or longer at

any time or from time to time depending on market conditions and other factors.

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Portfolio Contents.

The Fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment

purposes) in a portfolio of instruments that are tied economically to "emerging market" countries. Such instruments may be denominated in

non-U.S. currencies or the U.S. dollar. The Fund may also invest directly in foreign currencies of emerging market countries. The Fund may

invest up to 20% of its net assets (plus any borrowings for investment purposes) in instruments that are tied economically to the United States or

other developed markets. The Fund may invest without limit in equity securities, including common stocks, common shares of other investment

companies (including those advised by PIMCO), such as open-end or closed-end management investment companies and domestic and foreign

exchange-traded funds, shares of real estate investment trusts and preferred stock. The Fund may invest in private equity funds and hedge funds

that rely on the exclusion from the definition of "investment company" in Section 3(c)(1) or Section 3(c)(7) of the 1940 Act. Common stocks

include common shares and other common equity interest issued by public or private issuers. To the extent consistent with the applicable liquidity

requirements for interval funds under Rule 23c-3 under the Investment Company Act of 1940, as amended, the Fund may invest without limit in

illiquid investments.

PIMCO has broad discretion to identify countries that it considers to qualify as "emerging markets." In exercising such discretion, PIMCO

identifies countries as emerging markets consistent with the Fund's investment objective. The Fund will generally consider a country to be an

emerging market country based on a number of factors including if the country is classified as an emerging or developing economy by the World

Bank or if the country is considered an emerging market country for purposes of constructing certain emerging markets indexes, specifically, the

J.P. Morgan Emerging Market Bond Index, J.P. Morgan Government Bond Index-Emerging Markets and J.P. Morgan Corporate Emerging

Markets Bond Index. The Fund emphasizes countries with relatively low gross national product per capita and with the potential for rapid

economic growth. PIMCO will select the Fund's country and currency composition based on its evaluation of relative interest rates, inflation rates,

exchange rates, monetary and fiscal policies, trade and current account balances, legal and political developments and any other specific factors

PIMCO believes to be relevant. For the avoidance of doubt, the Fund considers frontier markets to be a subset of "emerging markets."

The Fund likely will focus its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe. The Fund may

invest in instruments whose return is based on the return of an emerging market security or a currency of an emerging market country, such as a

derivative instrument, rather than investing directly in emerging market securities or currencies.

The Fund may invest in and/or originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans,

consumer loans or other types of loans, which may be in the form of, and without limitation as to a loan's level of seniority within a capital

structure, whole loans, assignments, participations, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans

or similar investments. The Fund may invest in and/or originate loans to corporations and/or other legal entities and individuals, including foreign

(non-U.S.) and emerging market entities and individuals.

The Fund may invest either directly or indirectly through wholly owned subsidiaries ("Subsidiaries") in shares, certificates, notes or other

securities issued by a special purpose entity ("SPE") sponsored by an alternative lending platform or its affiliates (the "Sponsor") that represent

the right to receive principal and interest payments due on pools of whole loans or fractions of whole loans, which may (but may not) be issued by

the Sponsor, held by the SPE ("Alt Lending ABS"). Any such Alt Lending ABS may be backed by consumer, residential or other loans.

When acquiring and/or originating loans, or purchasing Alt Lending ABS, the Fund is not restricted by any particular borrower credit criteria.

Accordingly, certain loans acquired or originated by the Fund or underlying any Alt Lending ABS purchased by the Fund may be subprime in

quality, or may become subprime in quality.

Interval Fund/Repurchase Offers.

The Fund is an "interval fund," a type of fund that, in order to provide liquidity to shareholders, has adopted a

fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at net asset

value. Subject to applicable law and approval of the Fund's Board of Trustees, for each quarterly repurchase offer, the Fund currently expects to

offer to repurchase 5% of the Fund's outstanding Common Shares at net asset value, which is the minimum amount permitted.

Leverage.

The Fund currently utilizes leverage principally through reverse repurchase agreements and may also obtain leverage through credit

default swaps, dollar rolls/buybacks and borrowings, such as through bank loans or commercial paper and/or other credit facilities. The Fund may

also enter into transactions other than those noted above that may give rise to a form of leverage including, among others, futures and forward

contracts (including foreign currency exchange contracts), credit default swaps, total return swaps and other derivative transactions, loans of

portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions. The Fund may also determine to issue

preferred shares or other types of senior securities to add leverage to its portfolio. The Fund's Board of Trustees may authorize the issuance of

preferred shares without the approval of holders of Common Shares ("Common Shareholders"). If the Fund issues preferred shares in the future,

all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares will be borne by the Common Shareholders,

and these costs and expenses may be significant. Leveraging transactions pursued by the Fund may increase its duration and sensitivity to

interest rate changes and other market risks. The Fund intends to utilize reverse repurchase agreements, dollar rolls/buybacks, borrowings and

other forms of leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from

time to time based on PIMCO's assessment of the yield curve environment, interest rate trends, market conditions and other factors. By using

leverage, the Fund seeks to obtain a higher return for Common Shareholders than if the Fund did not use leverage. Leveraging is a speculative

technique and there are special risks and costs involved. There can be no assurance that a leveraging strategy will be used or that it will be

successful during any period in which it is employed.

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Investment Manager.

The Fund's investment manager is Pacific Investment Management Company LLC. As of September 30, 2025, PIMCO

had approximately $2.20 trillion in assets under management, including $1.78 trillion in third-party client assets.

■

The Fund's Common Shares are not listed for trading on any national securities exchange. The Fund's Common Shares

have no trading market and no market is expected to develop.

■

An investment in the Fund is not suitable for investors who need certainty about their ability to access all of the money

they invest in the short term.

■

Even though the Fund will make quarterly repurchase offers for its outstanding Common Shares, currently expected to

be for 5% per quarter, investors should consider Common Shares of the Fund to be an illiquid investment.

■

There is no guarantee that you will be able to sell your Common Shares at any given time or in the quantity that you

desire.

■

There is no assurance that the Fund will make any distributions to Common Shareholders and, if it makes distributions,

that they will not decline or that any distributions will be at any particular level or correspond to any particular yield.

Institutional Class, Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares are offered in this prospectus. Each share class represents

an investment in the same portfolio of investments, but each class has its own expense structure and arrangements for shareholder services or

distribution, which allows you to choose the class that best fits your situation and eligibility requirements. Class A-1, Class A-2, Class A-3 and

Class A-4 Common Shares are primarily offered and sold to retail investors by certain broker-dealers that are members of the Financial Industry

Regulatory Authority and that have agreements with PIMCO Investments LLC, the Fund's principal underwriter and distributor, to sell Class A-1,

Class A-2, Class A-3 and/or Class A-4 Common Shares, but may be made available through other financial firms, including banks and trust

companies and to specified benefit plans and other retirement accounts. Only certain investors are eligible to purchase Institutional

Class Common Shares. See "Plan of Distribution – Share Classes."

Institutional Class

The minimum initial investment for Institutional Class Common Shares is $1 million per account, except that the minimum investment may be

higher or lower for certain financial firms that submit orders on behalf of their customers, including retail investors in separately managed

accounts (i.e., wrap accounts) managed by PIMCO, the Trustees and certain employees and their extended family members of PIMCO and its

affiliates. There is no minimum subsequent investment amount. See "Plan of Distribution – Share Classes."

Class A-1, Class A-2, Class A-3 and Class A-4

The minimum initial investment for Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares is $2,500 per account, except that the

minimum investment may be higher or lower for certain financial firms that submit orders on behalf of their customers, the Trustees and certain

employees and their extended family members of PIMCO and its affiliates. The minimum subsequent investment amount for Class A-1,

Class A-2, Class A-3 and Class A-4 Common Shares is $50. See "Plan of Distribution — Purchasing Shares."

Investors should carefully consider the Fund's risks and investment objective, as an investment in the Fund may not be appropriate for

all investors and is not designed to be a complete investment program.

■

Because of the risks associated with (i) the Fund's intention to focus its investments in emerging market securities (and related currency

exposures), (ii) the Fund's ability to invest in mortgage-related and other asset-backed instruments and high yield securities, (iii) the Fund's

ability to purchase and originate loans (including subprime loans) and related instruments, including loans and other instruments

purchased on alternative lending platforms, and (iv) the Fund's ability to use leverage, an investment in the Fund should be considered

speculative and involving a high degree of risk, including the risk of a substantial loss of investment.

■

Before making an investment/allocation decision, investors should (i) consider the suitability of this investment with respect to an investor's

or a client's investment objective and individual situation and (ii) consider factors such as an investor's or a client's net worth, income, age

and risk tolerance.

■

Investment should be avoided where an investor/client has a short-term investing horizon and/or cannot bear the loss of some or all of

their investment. It is possible that investing in the Fund may result in a loss of some or all of the amount invested.

Before buying any of the Fund's Common Shares, you should read the discussion of the principal risks of investing in the Fund in

"Principal Risks of the Fund" beginning on page

of this prospectus. No assurance can be given that the Fund's investment

objective will be achieved, and you could lose all of your investment in the Fund.

The Fund's Common Shares are sold at a public offering price equal to their net asset value per share, plus a sales charge, where applicable.

See "Plan of Distribution-Purchasing Shares." Please read this prospectus carefully before deciding whether to invest and retain it for future

reference. It sets forth concisely the information about the Fund that a prospective investor ought to know before investing in the Fund. The Fund

has filed with the Securities and Exchange Commission ("SEC") a Statement of Additional Information dated October 31, 2025, as it may be

supplemented from time to time, (the "Statement of Additional Information"), containing additional information about the Fund. The Statement of

Additional Information is incorporated by reference into this prospectus, which means it is part of this prospectus for legal purposes. The Fund

also produces both annual and semi-annual reports that will contain important information about the Fund. Copies of the Statement of Additional

Information and the Fund's annual and semi-annual reports, when available, may be obtained upon request, without charge, by calling

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

844.312.2113 or by writing to the Fund at Regulatory Document Request, 650 Newport Center Drive, Newport Beach, California 92660. You may

also call this toll-free telephone number to request other information about the Fund or to make shareholder inquiries. The Statement of

Additional Information and the most recent annual and semiannual reports are available free of charge on the Fund's website at www.pimco.com.

Information on, or accessible through, the Fund's website is not a part of, and is not incorporated into, this prospectus. You may also access

reports and other information about the Fund on the EDGAR Database on the SEC's Internet site at www.sec.gov. You may get copies of this

information, with payment of a duplication fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

The Fund's Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured

depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other

government agency.

The Fund has not authorized anyone to provide you with information other than that contained or incorporated by reference in this prospectus.

The Fund does not take any responsibility for, and does not provide any assurances as to the reliability of, any other information that others may

give you. The Fund is not making an offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the

information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus. The Fund's business,

financial condition, results of operations and prospects may have changed since that date.

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Page |
| [Prospectus Summary](#xx_0460b615-ccf5-471f-96b9-0397d3635a57_1) | 1<br>|
| [Summary of Fund Expenses](#xx_2b760b24-7c3d-449e-b407-3a2d8c1cc61d_1) | 39<br>|
| [Financial Highlights](#xx_a18fe543-f384-4c6d-b5e6-412bcf0dd79e_1) | 41<br>|
| [The Fund](#xx_e23f7c6e-d657-485a-90f3-aa0e0d9c0b72_1) | 43<br>|
| [Use of Proceeds](#xx_e23f7c6e-d657-485a-90f3-aa0e0d9c0b72_1) | 43<br>|
| [The Fund's Investment Objective and Strategies](#xx_e23f7c6e-d657-485a-90f3-aa0e0d9c0b72_1) | 43<br>|
| [Use of Leverage](#xx_e23f7c6e-d657-485a-90f3-aa0e0d9c0b72_26) | 68<br>|
| [Principal Risks of the Fund](#xx_e23f7c6e-d657-485a-90f3-aa0e0d9c0b72_28) | 70<br>|
| [How the Fund Manages Risk](#xx_e23f7c6e-d657-485a-90f3-aa0e0d9c0b72_60) | 102<br>|
| [Management of the Fund](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_1) | 103<br>|
| [Plan of Distribution](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_5) | 107<br>|
| [Information Regarding State Escheatment Laws](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_13) | 115<br>|
| [Periodic Repurchase Offers](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_14) | 116<br>|
| [How Fund Shares are Priced](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_16) | 118<br>|
| [Distributions](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_17) | 119<br>|
| [Dividend Reinvestment Plan](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_18) | 120<br>|
| [Description of Capital Structure and Shares](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_19) | 121<br>|
| [Anti-Takeover and Other Provisions in the Declaration of Trust and Bylaws](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_19) | 121<br>|
| [Tax Matters](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_21) | 123<br>|
| [Shareholder Servicing Agent, Custodian and Transfer Agent](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_23) | 125<br>|
| [Independent Registered Public Accounting Firm](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_23) | 125<br>|
| [Legal Matters](#xx_4b497efd-bc3e-43b5-a4b6-de784c264995_23) | 125<br>|
| [Appendix](#xx_d4eba3c3-90ef-41a9-b50b-1cd326b11196_1)<br>[A - Description of Securities Ratings](#xx_d4eba3c3-90ef-41a9-b50b-1cd326b11196_1)<br>| A<br>-<br>1<br>|

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PIMCO Flexible Emerging Markets

Income Fund

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Prospectus Summary

This is only a summary. This summary may not contain all of the

information that you should consider before investing in PIMCO Flexible

Emerging Markets Credit Income Fund's (the "Fund") shares of

beneficial interest, par value of $0.00001 per share (the

"Common

Shares"). You should review the more detailed information contained in

this prospectus and in the Statement of Additional Information. In

particular, you should carefully read the risks of investing in the Fund's

Common Shares, as discussed under "Principal Risks of the Fund."

The Fund

The Fund is a non-diversified, closed-end management investment

company that continuously offers its Common Shares. The Fund

commenced operations on March 15, 2022. The Fund is operated as an

"interval fund" (as defined below). The Fund currently offers five

separate classes of Common Shares of the Fund: Institutional Class,

Class A-1, Class A-2, Class A-3 and Class A-4. An investment in the Fund

may not be appropriate for all investors.

Continuous Offering

The Fund continuously offers its Common Shares through PIMCO

Investments LLC (the "Distributor"), as principal underwriter, on a best

efforts basis. Except as set forth below, Common Shares are sold at their

offering price, which is net asset value ("NAV") per share. While neither

the Fund nor the Distributor impose an initial sales charge on

Institutional Class, Class A-1 or Class A-3 Common Shares, if you buy

Institutional Class, Class A-1 or Class A-3 Common 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.

Unless you are eligible for a waiver, Class A-2 and Class A-4 Common

Shares are sold at a public offering price equal to their net asset value

plus an initial sales charge. The initial sales charge varies depending

upon the size of your purchase. The minimum initial investment for

Institutional Class Common Shares is $1 million per account. The

minimum initial investment for Class A-1, Class A-2, Class A-3 and

Class A-4 Common Shares is $2,500 per account. These investment

minimums may be higher or lower for certain financial firms that submit

orders on behalf of their customers, the Trustees and certain employees

and their extended family members of Pacific Investment Management

Company LLC ("PIMCO" or the "Investment Manager"), the Fund's

investment manager, PIMCO and its affiliates. The minimum subsequent

investment amount for Class A-1, Class A-2, Class A-3 and Class A-4

Common Shares is $50. Proceeds from the offering will be held by the

Fund's custodian.

For additional information regarding each share class please see "Plan

of Distribution – Share Classes" in this prospectus. The Fund and the

Distributor each reserves the right, in its sole discretion, to reject any

purchase order, in whole or in part. Shareholders will not have the right

to redeem their Common Shares. However, as described below, in order

to provide some liquidity to shareholders, the Fund will conduct periodic

repurchase offers for a portion of its outstanding Common Shares.

Periodic Repurchase Offers

The Fund is an "interval fund," a type of fund that, in order to provide

liquidity to shareholders, has adopted a fundamental investment policy

to make quarterly offers to repurchase between 5% and 25% of its

outstanding Common Shares at NAV. Subject to applicable law and

approval of the Fund's Board of Trustees (the "Board" or "Board of

Trustees"), for each quarterly repurchase offer, the Fund currently

expects to offer to repurchase 5% of the Fund's outstanding Common

Shares at NAV, which is the minimum amount permitted. Written

notification of each quarterly repurchase offer (the "Repurchase Offer

Notice") will be sent to shareholders at least 21 calendar days before

the repurchase request deadline (i.e., the date by which shareholders

can tender their Common Shares in response to a repurchase offer) (the

"Repurchase Request Deadline"). Subject to Board approval,

Repurchase Request Deadlines are expected to occur each February,

May, August and November, and Repurchase Offer Notices are expected

to be sent to shareholders each January, April, July and October

preceding each such Repurchase Request Deadline. The Fund's Common

Shares are not listed on any securities exchange, and the Fund

anticipates that no secondary market will develop for its Common

Shares. Accordingly, shareholders may not be able to sell Common

Shares when and/or in the amount desired. Investors should consider

Common Shares of the Fund to be an illiquid investment. Thus, the

Common Shares are appropriate only as a long-term investment. In

addition, the Fund's repurchase offers may subject the Fund and

shareholders to special risks. See "Principal Risks of the Fund —

Repurchase Offers Risk."

Investment Objective and Strategy

When used in this prospectus, the term "invest" includes both direct

investing and indirect investing and the term "investments" includes

both direct investments and indirect investments. For example, the Fund

may invest indirectly by investing in derivatives or through wholly

owned subsidiaries (each, a "Subsidiary"). The Fund may be exposed to

the different types of investments described below through its

investments in its Subsidiaries. The allocation of the Fund's assets to a

Subsidiary will vary over time and will likely not include all of the

different types of investments described herein at any given time.

The Fund's investment objective is to seek to provide attractive risk

adjusted returns and current income.

The Fund seeks to achieve its investment objective by investing, under

normal circumstances, across a wide array of instruments, including

from sovereign, quasi-sovereign and corporate borrowers, that are

economically tied to "emerging market" countries. The Fund utilizes a

flexible asset allocation strategy among multiple public and private

credit sectors in the emerging market credit markets, including corporate

debt (including, among other things, fixed-, variable- and floating-rate

bonds, loans, convertible and contingent convertible securities and

stressed, distressed or defaulted debt securities issued by corporations

or other business entities), mortgage-related and other

consumer-related instruments, collateralized debt obligations, including,

without limitation, collateralized loan obligations, government,

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Interval Funds \|

Prospectus

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Prospectus

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sovereign and quasi-sovereign debt and other fixed-, variable- and

floating-rate income-producing securities. The Fund may invest without

limit in investment grade debt securities and in below investment grade

debt securities (commonly referred to as "high yield" securities or "junk

bonds"), including securities of stressed, distressed or defaulted issuers.

The types of securities and instruments in which the Fund may invest are

summarized under "Portfolio Contents and Other Information" below.

No assurance can be given that the Fund's investment objective will be

achieved, and you could lose all of your investment in the Fund.

Portfolio Management Strategies

Flexible allocation strategy.

In managing the Fund, PIMCO employs

an active approach to allocation among multiple credit sectors based

on, among other things, market conditions, valuation assessments,

economic outlook, credit market trends and other economic factors.

With PIMCO's macroeconomic analysis as the basis for top-down

investment decisions, including geographic and credit sector emphasis,

the Fund expects to focus on seeking attractive risk-adjusted returns

across multiple credit sectors. PIMCO may choose to focus on particular

countries or emerging market regions, asset classes, industries and

sectors to the exclusion of others at any time and from time to time

based on market conditions and other factors. The relative value

assessment within credit sectors draws on PIMCO's regional and sector

specialist insights.

Investment selection strategies.

Once the Fund's top-down,

portfolio positioning decisions have been made as described above,

PIMCO generally selects particular investments for the Fund by

employing a bottom-up, disciplined credit approach which is driven by

fundamental, independent research within each sector represented in

the Fund, with a focus on identifying securities and other instruments

with solid and/or improving fundamentals.

PIMCO utilizes strategies that focus on credit quality analysis, duration

management and other risk management techniques. PIMCO attempts

to identify, through fundamental research driven by independent credit

analysis and proprietary analytical tools, debt obligations and other

income-producing securities that provide positive risk-adjusted returns

based on its analysis of the issuer's credit characteristics and the

position of the security in the issuer's capital structure.

Consideration of yield is only one component of the portfolio managers'

approach in managing the Fund. PIMCO also attempts to identify

investments that may appreciate in value based on PIMCO's assessment

of the issuer's credit characteristics, forecast for interest rates and

outlook for particular countries/regions, currencies, industries, sectors

and the global economy and bond markets generally.

Credit quality.

The Fund may invest without limitation in debt

instruments that are, at the time of purchase, rated below investment

grade (below Baa3 by Moody's Ratings ("Moody's") or below BBB- by

either S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch")), or

unrated but determined by PIMCO to be of comparable quality to

securities so rated. The Fund may invest in securities of stressed,

distressed or defaulted issuers, which include securities at risk of being

in default as to the repayment of principal and/or interest at the time of

acquisition by the Fund or that are rated in the lower rating categories

by one or more nationally recognized statistical rating organizations

("NRSROs") (for example, Ca or lower by Moody's or CC or lower by

S&P or Fitch) or, if unrated, are determined by PIMCO to be of

comparable quality. The Fund may also invest in defaulted securities and

debtor-in-possession financings. Debt instruments of below investment

grade quality are regarded as having predominantly speculative

characteristics with respect to capacity to pay interest and repay

principal and are commonly referred to as "high yield" securities or

"junk bonds." Debt instruments in the lowest investment grade

category may also be considered to possess some speculative

characteristics. The Fund may, for hedging, investing or leveraging

purposes, make use of credit default swaps (which includes buying

and/or selling credit default swaps), which are contracts whereby one

party makes periodic payments to a counterparty in exchange for the

right to receive from the counterparty a payment equal to the par (or

other agreed-upon) value of a referenced debt obligation in the event of

a default or other credit event by the issuer of the debt obligation.

Independent credit analysis.

PIMCO relies primarily on its own

analysis of the credit quality and risks associated with individual debt

instruments considered for the Fund, rather than relying exclusively on

rating agencies or third-party research. The Fund's portfolio managers

utilize this information in an attempt to manage credit risk and/or to

identify issuers, industries and/or sectors that they believe are

undervalued and/or that offer potentially attractive yields relative to

PIMCO's assessment of their credit characteristics. This aspect of

PIMCO's capabilities will be particularly important in light of the Fund's

plans to invest in instruments that are tied economically to emerging

markets, and to the extent that the Fund invests in high yield securities.

Duration management.

The Fund has no targeted average portfolio

duration and the Fund's average portfolio duration may vary

significantly depending on market conditions and other factors. It is

expected that the Fund normally will have a short to longer average

portfolio duration (i.e., within a zero to 12 year range), as calculated by

the Investment Manager, although it may be shorter or longer at any

time depending on market conditions and other factors. For example, if

the Fund has an average portfolio duration of 12 years, a 1% increase in

interest rates would tend to correspond to a 12% decrease in the value

of the Fund's portfolio. There is no limit on the maturity or duration of

any individual security in which the Fund may invest. Duration is a

measure used to determine the sensitivity of a security's price to

changes in interest rates. The Fund's duration strategy may entail

maintaining a negative average portfolio duration from time to time,

meaning the portfolio would tend to increase in value in response to an

increase in interest rates. If the Fund has a negative average portfolio

duration, a 1% increase in interest rates would tend to correspond to a

1% increase in the value of the Fund's portfolio for every year of

negative duration. A negative average portfolio duration would

potentially benefit the portfolio in an environment of rising market

interest rates, but would generally adversely impact the portfolio in an

environment of falling or neutral market interest rates. PIMCO may also

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utilize certain strategies including, without limitation, investments in

structured notes or interest rate futures contracts or swap, cap, floor or

collar transactions, for the purpose of reducing the interest rate

sensitivity of the Fund's portfolio, although there is no assurance that it

will do so or that such strategies will be successful. The foregoing is a

description of interest rate duration management only. The credit spread

duration of the Fund's portfolio may vary, in some cases significantly,

from its interest rate duration.

Portfolio Contents.

The Fund will invest, under normal circumstances,

at least 80% of its net assets (plus any borrowings for investment

purposes) in a portfolio of instruments that are tied economically to

"emerging market" countries (the "80% policy"). Such instruments may

be denominated in non-U.S. currencies or the U.S. dollar. The 80% policy

is non-fundamental and may be changed without shareholder approval,

but the Fund will not change its 80% policy unless the Fund provides

shareholders with the notice required by Rule 35d-1 under the

Investment Company Act of 1940, as it may be amended from time to

time (the "1940 Act").

For purposes of the 80% policy, debt instruments may include, without

limitation, bonds, debt securities and other similar instruments of

varying maturities issued by various U.S. and foreign (non-U.S.) public-

or private-sector entities; structured products, securitizations and other

asset-backed securities issued on a public or private basis (including

agency and non-agency residential mortgage-backed securities and

commercial mortgage-backed securities, collateralized bond obligations

("CBOs"), collateralized loan obligations ("CLOs"), other collateralized

debt obligations ("CDOs") and other similarly structured securities);

corporate debt securities of U.S. and non-U.S. issuers, including

convertible and contingent convertible securities and corporate

commercial paper; municipal securities and other debt securities issued

by states or local governments and their agencies, authorities and other

government-sponsored enterprises, including taxable municipal

securities; obligations of foreign governments or their sub-divisions,

agencies and government sponsored enterprises and obligations of

international agencies and supranational entities; securities issued or

guaranteed by the U.S. Government, its agencies or

government-sponsored enterprises ("U.S. Government Securities");

loans (including, among others, and without limitation as to a loan's

level of seniority within a capital structure, senior loans, mezzanine

loans, delayed draw and delayed funding loans, revolving credit facilities

and loan participations and assignments); loans held and/or originated

by private financial institutions, including commercial and residential

mortgage loans, corporate loans and consumer loans (such as credit

card receivables, automobile loans and student loans) ("private credit

assets"); payment-in-kind securities; zero-coupon bonds;

inflation-indexed bonds issued by both governments and corporations;

structured notes, including hybrid or indexed securities; insurance-linked

instruments, catastrophe bonds and other event-linked bonds;

credit-linked notes; covenant-lite obligations; preferred securities;

convertible debt securities (i.e., debt securities that may be converted at

either a stated price or stated rate into underlying shares of common

stock), including synthetic convertible debt securities (i.e., instruments

created through a combination of separate securities that possess the

two principal characteristics of a traditional convertible security, such as

an income-producing security and the right to acquire an equity

security); and bank certificates of deposit, fixed time deposits and

bankers' acceptances. The rate of interest on an income-producing

instrument may be fixed, floating or variable. At any given time and from

time to time substantially all of the Fund's portfolio may consist of

below investment grade securities. The Fund may invest in debt

securities of stressed, distressed or defaulted issuers as well as in

defaulted or unrated investments and debtor-in-possession financings.

For tax or other structuring reasons, the Fund may purchase a loan or

debt investment structured as an equity interest (e.g., a joint venture

interest). The Fund may invest in any level of the capital structure of an

issuer of mortgage-backed or asset-backed instruments, including the

equity or "first loss" tranche. The Fund may invest in unsecured loans

and subordinated or mezzanine obligations, including second and lower

lien loans and the mezzanine and equity (or "first loss") tranches of CLO

issues. The Fund may invest in securitization risk retention tranches in

the capacity of a third-party purchaser with respect to securitizations

sponsored by others.

For purposes of the Fund's 80% policy, the Fund values its derivative

instruments based on their market value. For purposes of the 80%

policy, PIMCO has broad discretion to identify countries that it considers

to qualify as "emerging markets." In exercising such discretion, PIMCO

identifies countries as emerging markets consistent with the Fund's

investment objective. The Fund will generally consider a country to be an

emerging market country based on a number of factors including if the

country is classified as an emerging or developing economy by the

World Bank or if the country is considered an emerging market country

for purposes of constructing certain emerging markets indexes,

specifically, the J.P. Morgan Emerging Market Bond Index, J.P. Morgan

Government Bond Index-Emerging Markets and J.P. Morgan Corporate

Emerging Markets Bond Index. The Fund emphasizes countries with

relatively low gross national product per capita and with the potential

for rapid economic growth. PIMCO will select the Fund's country and

currency composition based on its evaluation of relative interest rates,

inflation rates, exchange rates, monetary and fiscal policies, trade and

current account balances, legal and political developments and any

other specific factors PIMCO believes to be relevant. For the avoidance

of doubt, the Fund considers frontier markets to be a subset of

"emerging markets."

PIMCO generally considers an instrument to be "economically tied" to

an emerging market country if: the issuer is organized under the laws of

an emerging market country; the currency of settlement of the security is

a currency of an emerging market country; the security is guaranteed by

the government of an emerging market country (or any political

subdivision, agency, authority or instrumentality of such government);

for an asset-backed or other collateralized security, the country in which

the collateral backing the security is located is an emerging market

country; or the security's "country of exposure" is an emerging market

country, as determined by the criteria set forth below. With respect to

derivative instruments, PIMCO generally considers such instruments to

be "economically tied" to emerging market countries if the underlying

assets are currencies of emerging market countries (or baskets or

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indexes of such currencies), or instruments or securities that are issued

or guaranteed by governments of emerging market countries or by

entities organized under the laws of emerging market countries or an

instrument's "country of exposure" is an emerging market country. A

security's "country of exposure" is determined by PIMCO using certain

factors provided by a third-party analytical service provider. The factors

are applied in order such that the first factor to result in the assignment

of a country determines the "country of exposure." Both the factors and

the order in which they are applied may change in the discretion of

PIMCO. The current factors, listed in the order in which they are applied,

are: (i) if an asset-backed or other collateralized security, the country in

which the collateral backing the security is located; (ii) the "country of

risk" of the issuer; (iii) if the security is guaranteed by the government of

a country (or any political subdivision, agency, authority or

instrumentality of such government), the country of the government or

instrumentality providing the guarantee; (iv) the "country of risk" of the

issuer's ultimate parent; or (v) the country where the issuer is organized

or incorporated under the laws thereof. "Country of risk" is a separate

four-part test determined by the following factors, listed in order of

importance: (i) management location (the location of key issuer leaders

such as the Chief Executive Officer, Chief Financial Officer, Chief

Operating Officer and/or General Counsel); (ii) country of primary listing

(the country of the exchange on which an issuer's primary class of

common stock is listed); (iii) country to which the largest proportion of

the issuer's sales or revenue is attributable; and (iv) reporting currency

of the issuer (the currency used to report financial information in an

issuer's financial statements).

The Fund focuses its investments in Asia, Africa, the Middle East, Latin

America and the developing countries of Europe. The Fund may invest in

instruments whose return is based on the return of an emerging market

security or a currency of an emerging market country, such as a

derivative instrument, rather than investing directly in emerging market

securities or currencies.

The Fund may invest in and/or originate loans, including, without

limitation, residential and/or commercial real estate or mortgage-related

loans, consumer loans or other types of loans, which may be in the form

of whole loans, assignments, participations, secured and unsecured

notes, senior and second lien loans, mezzanine loans, bridge loans or

similar investments. The Fund may invest in and/or originate loans to

corporations and/or other legal entities and individuals, including

foreign (non-U.S.) and emerging market entities and individuals. Such

borrowers may have credit ratings that are determined by one or more

NRSROs or PIMCO to be below investment grade. The loans the Fund

invests in and/or originates may vary in maturity and/or duration. The

Fund is not limited in the amount, size or type of loans it may invest in

and/or originate, including with respect to a single borrower or with

respect to borrowers that are determined to be below investment grade,

other than pursuant to any applicable law. The Fund's investments in

and/or origination of loans may also be limited by the requirements the

Fund intends to observe under Subchapter M of the Internal Revenue

Code of 1986, as amended (the "Code") in order to qualify as a

regulated investment company (a "RIC").

The Fund may invest up to 20% of its net assets (plus any borrowings

for investment purposes) in securities of U.S. issuers and in securities of

foreign (non-U.S.) issuers in developed markets. The Fund may also

invest directly in foreign currencies, including currencies of emerging

market countries.

The Fund may, but is not required to, utilize various derivative strategies

(both long and short positions) involving the purchase or sale of futures

and forward contracts (including foreign currency exchange contracts),

call and put options, credit default swaps, total return swaps, basis

swaps and other swap agreements and other derivative instruments for

investment purposes, leveraging purposes or in an attempt to hedge

against market, credit, interest rate, currency and other risks in the

portfolio. The Fund may purchase and sell securities on a when-issued,

delayed delivery or forward commitment basis and may engage in short

sales. The Fund may also seek to obtain market exposure to the

securities in which it invests by entering into a series of purchase and

sale contracts. The Fund may use derivative instruments for other

purposes, including to seek to increase liquidity, provide efficient

portfolio management, broaden investment opportunities (including

taking short or negative positions), implement a tax or cash

management strategy, gain exposure to a particular security or segment

of the market, modify the effective duration of the Fund's portfolio

investments and/or enhance total return.

The Fund may invest in equity securities, including common stocks,

common shares of other investment companies (including those advised

by PIMCO), such as open-end or closed-end management investment

companies and domestic and foreign exchange-traded funds ("ETFs"),

shares of private funds or real estate investment trusts ("REITs") and

preferred stock. The Fund's investments in private funds may include

private equity funds and hedge funds that rely on the exclusion from the

definition of "investment company" in Section 3(c)(1) or Section 3(c)(7)

of the 1940 Act. Common stocks include common shares and other

common equity interests issued by public or private issuers. The Fund

may invest in securities that have not been registered for public sale in

the U.S. or relevant non-U.S. jurisdiction, including without limitation

securities eligible for purchase and sale pursuant to Rule 144A under

the Securities Act of 1933, as amended (the "Securities Act"), or

relevant provisions of applicable non-U.S. law, and other securities

issued in private placements. The Fund may invest in securities of

companies with any market capitalization, including small, medium and

large capitalizations.

The Fund may invest, either directly or indirectly through its Subsidiaries,

in shares, certificates, notes or other securities issued by a special

purpose entity ("SPE") sponsored by an alternative lending platform or

its affiliates (the "Sponsor") that represent the right to receive principal

and interest payments due on pools of whole loans or fractions of whole

loans, which may (but may not) be issued by the Sponsor, held by the

SPE ("Alt Lending ABS"). Any such Alt Lending ABS may be backed by

consumer, residential or other loans.

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When acquiring and/or originating loans, or purchasing Alt Lending ABS,

the Fund is not restricted by any particular borrower credit criteria.

Accordingly, certain loans acquired or originated by the Fund or

underlying any Alt Lending ABS purchased by the Fund may be subprime

in quality, or may become subprime in quality.

To the extent consistent with the applicable liquidity requirements for

interval funds under Rule 23c-3 under the 1940 Act, the Fund may

invest without limit in illiquid investments.

The Fund may make investments in debt instruments and other

securities directly or through one or more Subsidiaries. Each Subsidiary,

for example, may invest in and/or originate whole loans or shares,

certificates, notes or other securities representing the right to receive

principal and interest payments due on fractions of whole loans or pools

of whole loans, or any other security or other instrument that the Fund

may hold directly. References herein to the Fund include references to a

Subsidiary in respect of the Fund's investment exposure. The allocation

of the Fund's portfolio in a Subsidiary will vary over time and might not

always include all of the different types of investments described herein.

The Fund will treat a Subsidiary's assets as assets of the Fund for

purposes of determining compliance with various provisions of the 1940

Act applicable to the Fund, including those relating to investment

policies (Section 8), capital structure and leverage (Section 18) and

affiliated transactions and custody (Section 17). In addition, PIMCO and

the Fund's Board of Trustees will comply with the provisions of

Section 15 of the 1940 Act with respect to a Subsidiary's investment

advisory contract.

The Fund has received exemptive relief from the SEC that, to the extent

the Fund relies on such relief, permits it to (among other things)

co-invest with certain other persons, including certain affiliates of the

Investment Manager and certain public or private funds managed by the

Investment Manager and its affiliates, subject to certain terms and

conditions. The exemptive relief from the SEC with respect to

co-investments imposes extensive conditions on any co-investments

made in reliance on such relief.

Use of Leverage.

The Fund currently utilizes leverage principally

through reverse repurchase agreements and may also obtain leverage

through credit default swaps, dollar rolls/buybacks and borrowings. The

Fund may also enter into transactions other than those noted above

that may give rise to a form of leverage including, among others, futures

and forward contracts (including foreign currency exchange contracts),

credit default swaps, total return swaps and other derivative

transactions, loans of portfolio securities, short sales and when-issued,

delayed delivery and forward commitment transactions. The Fund may

also determine to issue preferred shares or other types of senior

securities to add leverage to its portfolio. By using leverage, the Fund

will seek to obtain a higher return for holders of Common Shares than if

the Fund did not use leverage. The Fund's Board of Trustees may

authorize the issuance of preferred shares without the approval of

Common Shareholders. If the Fund issues preferred shares in the future,

all costs and expenses relating to the issuance and ongoing

maintenance of the preferred shares will be borne by the Common

Shareholders, and these costs and expenses may be significant. The

Fund intends to utilize reverse repurchase agreements, dollar

rolls/buybacks, borrowings and other forms of leverage opportunistically

and may choose to increase or decrease, or eliminate entirely, its use of

leverage over time and from time to time based on PIMCO's assessment

of the yield curve environment, interest rate trends, market conditions

and other factors.

The net proceeds the Fund obtains from reverse repurchase agreements,

credit default swaps, dollar rolls/buybacks or other forms of leverage

utilized will be invested in accordance with the Fund's investment

objective and policies as described in this prospectus. So long as the rate

of return, net of applicable Fund expenses, on the debt obligations and

other Fund assets attributable to leverage exceeds the costs to the Fund

of the leverage it utilizes, the investment of the Fund's assets

attributable to leverage will generate more income than will be needed

to pay the costs of the leverage. If so, and all other things being equal,

the excess may be used to pay higher dividends to Common

Shareholders than if the Fund were not so leveraged.

The 1940 Act generally prohibits the Fund from engaging in most forms

of leverage representing indebtedness (including the use of bank loans,

commercial paper or other credit facilities) unless immediately after the

issuance of the leverage the Fund has satisfied the asset coverage test

with respect to senior securities representing indebtedness prescribed

by the 1940 Act; that is, the value of the Fund's total assets less all

liabilities and indebtedness not represented by senior securities (for

these purposes, "total net assets") is at least 300% of the senior

securities representing indebtedness (effectively limiting the use of

leverage through senior securities representing indebtedness to 33

∕

%

of the Fund's total net assets, including assets attributable to such

leverage). In addition, the Fund is not permitted to declare any cash

dividend or other distribution on Common Shares unless, at the time of

such declaration, this asset coverage test is satisfied. The Fund's use of

derivatives transactions and other similar instruments is generally

subject to a value-at-risk leverage limit, derivatives risk management

program, and reporting requirements under Rule 18f-4 under the 1940

Act unless the Fund qualifies as a "limited derivatives user" as defined

in the rule or the Fund's use of such an instrument satisfies the

conditions of certain exemptions under the rule. Derivatives, reverse

repurchase agreements and other such instruments may represent a

form of economic leverage and create special risks. The use of these

forms of leverage increases the volatility of the Fund's investment

portfolio and could result in larger losses to Common Shareholders than

if these strategies were not used. To the extent that the Fund engages in

borrowings, it may prepay a portion of the principal amount of the

borrowing to the extent necessary in order to maintain the required

asset coverage. Failure to maintain certain asset coverage requirements

could result in an event of default by the Fund with respect to bank

borrowings or other arrangements.

Leveraging is a speculative technique and there are special risks and

costs involved. There is no assurance that the Fund will utilize reverse

repurchase agreements, credit default swaps, dollar rolls/buybacks or

borrowings, issue preferred shares or utilize any other forms of leverage

(such as the use of derivatives strategies). If used, there can be no

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Prospectus

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assurance that the Fund's leveraging strategies will be successful or

result in a higher yield on your Common Shares. When leverage is used,

the net asset value of the Common Shares and the yield to Common

Shareholders will be more volatile. In addition, interest and other

expenses borne by the Fund with respect to its use of reverse

repurchase agreements, dollar rolls/buybacks, borrowings or any other

forms of leverage are borne by the Common Shareholders and result in

a reduction of the net asset value of the Common Shares. In addition,

because the fees received by the Investment Manager are based on the

total managed assets of the Fund (including assets attributable to any

reverse repurchase agreements, dollar rolls/buybacks, tender option

bonds, borrowings and any preferred shares that may be outstanding, if

issued), the Investment Manager has a financial incentive for the Fund

to use certain forms of leverage (e.g., reverse repurchase agreements,

dollar rolls/buybacks, tender option bonds, borrowings and preferred

shares), which may create a conflict of interest between the Investment

Manager, on the one hand, and the Common Shareholders, on the other

hand.

The Fund also may borrow money in order to repurchase its shares or as

a temporary measure for extraordinary or emergency purposes,

including for the payment of dividends or the settlement of securities

transactions which otherwise might require untimely dispositions of

portfolio securities held by the Fund. Please see "Use of Leverage,"

"Principal Risks of the Fund—Leverage Risk" for additional information

regarding leverage and related risks.

Investment Manager

PIMCO serves as the Investment Manager for the Fund. Subject to the

supervision of the Board, PIMCO is responsible for managing the

investment activities of the Fund and the Fund's business affairs and

other administrative matters. Pramol Dhawan, Michal Bar and Brian T.

Holmes are jointly and primarily responsible for the day-to-day

management of the Fund.

PIMCO is located at 650 Newport Center Drive, Newport Beach, CA

92660. Organized in 1971, PIMCO provides investment management

and advisory services to private accounts of institutional and individual

clients and to mutual funds. PIMCO is a majority-owned indirect

subsidiary of Allianz SE, a publicly traded European insurance and

financial services company. As of September 30, 2025, PIMCO had

approximately $2.20 trillion in assets under management, including

$1.78 trillion in third-party client assets.

Expense Limitation Agreement.

PIMCO has contractually agreed,

through November 3, 2026, (the "Expense Limitation Agreement"), to

waive its management fee, or reimburse the Fund, to the extent that

organizational expenses, pro rata share of expenses related to obtaining

or maintaining a Legal Entity Identifier and pro rata Trustees' fees (the

"Specified Expenses") exceed 0.07% of the Fund's average daily net

assets (the "Expense Limit"). The Expense Limitation Agreement will

automatically renew for one-year terms unless PIMCO provides written

notice to the Fund at least 30 days prior to the end of the current term,

or unless the Fund terminates the agreement upon 90 days notice of the

Fund's investment management agreement with PIMCO terminates.

Under the Expense Limitation Agreement, if, in any month in which the

investment management agreement is in effect, the estimated

annualized Specified Expenses for that month are less than the Expense

Limit, PIMCO is entitled to reimbursement by the Fund of any portion of

the management fee waived or reduced as set forth above (the

"Reimbursement Amount") during the previous thirty-six months,

provided that such amount paid to PIMCO will not (1) together with the

annualized Specified Expenses exceed, for such month, the Expense

Limit; (2) exceed the total Reimbursement Amount; or (3) include any

amounts previously reimbursed to PIMCO. For the avoidance of doubt,

any reimbursement of PIMCO's management fee pursuant to the

Expense Limitation Agreement plus any recoupment of Specified

Expenses will not exceed the lesser of (i) the expense limit in effect at

the time of waiver or reimbursement and (ii) the expense limit in effect

at the time of recoupment.

Distributions

The Fund intends to distribute substantially all of its net investment

income to shareholders in the form of dividends. The Fund intends to

declare income dividends daily and distribute them monthly to

shareholders of record. In addition, the Fund intends to distribute any

net capital gains earned from the sale of portfolio securities to

shareholders no less frequently than annually. Net short-term capital

gains may be paid more frequently.

Unless shareholders specify otherwise, distributions will be reinvested in

Common Shares of the Fund in accordance with the Fund's dividend

reinvestment plan (the "Plan"). The Fund may pay distributions from

sources that may not be available in the future and that are unrelated to

the Fund's performance, such as from offering proceeds and/or

borrowings. See "Distributions" and "Dividend Reinvestment Plan."

The Fund might not distribute all or a portion of any net capital gain for

a taxable year. If the Fund does not distribute all of its net capital gain

for a taxable year, it will pay federal income tax on the retained gain.

Each Common Shareholder of record as of the end of the Fund's taxable

year will include in income for federal income tax purposes, as

long-term capital gain, his or her share of the retained gain, will be

deemed to have paid his or her proportionate share of the tax paid by

the Fund on such retained gain, and will be entitled to an income tax

credit or refund for that share of the tax. The Fund will treat the retained

capital gain amount as a substitute for equivalent cash distributions. The

Fund will send shareholders detailed tax information with respect to the

Fund's distributions annually. See "Tax Matters."

Distributor, Custodian and Transfer Agent

PIMCO Investments LLC, an affiliate of PIMCO, serves as the Fund's

principal underwriter and distributor. State Street Bank and Trust

Company serves as the primary custodian of the Fund's assets and also

provides certain fund accounting, sub-administrative and compliance

services to the Fund on behalf of the Investment Manager. UMB Bank,

n.a. serves as a custodian of the Fund for the purpose of processing

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investor subscriptions and repurchases. SS&C Global Investor and

Distribution Solutions, Inc. ("SS&C") serves as the Fund's transfer agent

and dividend disbursement agent.

Unlisted Closed-End Fund Structure; Limited

Liquidity

The Fund's Common Shares are not listed for trading on any securities

exchange. There is currently no secondary market for its Common Shares

and the Fund does not expect any secondary market to develop for its

Common Shares. Common Shareholders of the Fund are not able to

have their Common Shares redeemed or otherwise sell their Common

Shares on a daily basis because the Fund is an unlisted closed-end fund.

In order to provide liquidity to Common Shareholders, the Fund is

structured as an "interval fund" and conducts quarterly repurchase

offers for a portion of its outstanding Common Shares, as described

herein. Investors should consider Common Shares of the Fund to be an

illiquid investment. An investment in the Fund is suitable only for

long-term investors who can bear the risks associated with the limited

liquidity of the Common Shares. Investors should consider their

investment goals, time horizons and risk tolerance before investing in

the Fund.

Investor Suitability

An investment in the Fund involves a considerable amount of risk. It is

possible that you will lose money. An investment in the Fund is suitable

only for investors who can bear the risks associated with the limited

liquidity of the Common Shares and should be viewed as a long-term

investment. Before making your investment decision, you should (i)

consider the suitability of this investment with respect to your

investment objectives and personal financial situation and (ii) consider

factors such as your personal net worth, income, age, risk tolerance and

liquidity needs. An investment in the Fund should not be viewed as a

complete investment program.

Principal Risks of the Fund

Limited Prior History

The Fund is a non-diversified, closed-end management investment

company with limited history of operations and is designed for

long-term investors and not as a trading vehicle.

New/Small Fund Risk

A new or smaller fund's performance may not represent how the fund is

expected to or may perform in the long term if and when it becomes

larger and has fully implemented its investment strategies. Investment

positions may have a disproportionate impact (negative or positive) on

performance in a new and smaller fund, such as the Fund. New and

smaller funds may also require a period of time before they are invested

in securities that meet their investment objectives and policies and

achieve a representative portfolio composition. Fund performance may

be lower or higher during this "ramp-up" period, and may also be more

volatile, than would be the case after the fund is fully invested. Similarly,

a new or smaller fund's investment strategy may require a longer period

of time to show returns that are representative of the strategy. New

funds have limited performance histories for investors to evaluate and

new and smaller funds may not attract sufficient assets to achieve

investment and trading efficiencies. If a new or smaller fund were to fail

to successfully implement its investment strategies or achieve its

investment objectives, performance may be negatively impacted, and

any resulting liquidation could create negative transaction costs for the

fund and tax consequences for investors.

Emerging Markets Risk

Foreign (non-U.S.) investment risk may be particularly high to the extent

that the Fund invests in securities of issuers based in or doing business

in emerging market countries or invests in securities denominated in the

currencies of emerging market countries. Investing in securities of

issuers based in or doing business in emerging markets entails all of the

risks of investing in foreign securities noted below, but to a heightened

degree.

Investments in emerging market countries pose a greater degree of

systemic risk (i.e., the risk of a cascading collapse of multiple institutions

within a country, and even multiple national economies). The

inter-relatedness of economic and financial institutions within and

among emerging market economies has deepened over the years, with

the effect that institutional failures and/or economic difficulties that are

of initially limited scope may spread throughout a country, a region or

all or most emerging market countries. This may undermine any attempt

by the Fund to reduce risk through geographic diversification of its

portfolio.

There is a heightened possibility of imposition of withholding or other

taxes on interest or dividend income or capital gains generated from

emerging market securities. Governments of emerging market countries

may engage in confiscatory taxation or expropriation of income and/or

assets to raise revenues or to pursue a domestic political agenda. In the

past, emerging market countries have nationalized assets, companies

and even entire sectors, including the assets of foreign investors, with

inadequate or no compensation to the prior owners. There can be no

assurance that the Fund will not suffer a loss of any or all of its

investments, or interest or dividends thereon, due to adverse fiscal or

other policy changes in emerging market countries.

There is also a greater risk that an emerging market government may

take action that impedes or prevents the Fund from taking income

and/or capital gains earned in the local currency and converting into

U.S. dollars (i.e., "repatriating" local currency investments or profits).

Certain emerging market countries have sought to maintain foreign

exchange reserves and/or address the economic volatility and

dislocations caused by the large international capital flows by

controlling or restricting the conversion of the local currency into other

currencies. This risk tends to become more acute when economic

conditions otherwise worsen. There can be no assurance that if the Fund

earns income or capital gains in an emerging market currency or PIMCO

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otherwise seeks to withdraw the Fund's investments from a given

emerging market country, capital controls imposed by such country will

not prevent, or cause significant expense, or delay in, doing so.

Bankruptcy law and creditor reorganization processes may differ

substantially from those in the United States, resulting in greater

uncertainty as to the rights of creditors, the enforceability of such rights,

reorganization timing and the classification, seniority and treatment of

claims. In certain emerging market countries, although bankruptcy laws

have been enacted, the process for reorganization remains highly

uncertain. In addition, it may be impossible to seek legal redress against

an issuer that is a sovereign state.

Emerging market countries typically have less established regulatory,

disclosure, legal, accounting, recordkeeping and financial reporting

systems than those in more developed markets, which may increase the

potential for market manipulation or reduce the scope or quality of

financial information available to investors. Governments in emerging

market countries are often less stable and more likely to take extra-legal

action with respect to companies, industries, assets, or foreign

ownership than those in more developed markets. Moreover, it can be

more difficult for investors to bring litigation or enforce judgments

against issuers in emerging markets or for U.S. regulators to bring

enforcement actions, or obtain information needed to pursue or enforce

such judgments, against such issuers. In addition, foreign companies

with securities listed on U.S. exchanges may be delisted if they do not

meet U.S. accounting standards and auditor oversight requirements,

which may decrease the liquidity and value of the securities. The Fund

may also be subject to emerging markets risk if it invests in derivatives

or other securities or instruments whose value or return are related to

the value or returns of emerging markets securities.

Other heightened risks associated with emerging markets investments

include without limitation (i) risks due to less social, political and

economic stability; (ii) the smaller size of the market for such securities

and a lower volume of trading, resulting in a lack of liquidity and in

price volatility; (iii) certain national policies which may restrict the Fund's

investment opportunities, including sanctions and restrictions on

investing in issuers or industries deemed sensitive to relevant national

interests and requirements that government approval be obtained prior

to investment by foreign persons; (iv) certain national policies that may

restrict the Fund's repatriation of investment income, capital or the

proceeds of sales of securities, including temporary restrictions on

foreign capital remittances; (v) the lack of uniform accounting and

auditing standards and/or standards that may be significantly different

from the standards required in the United States; (vi) less publicly

available financial and other information regarding issuers; (vii)

potential difficulties in enforcing contractual obligations; and (viii)

higher rates of inflation, higher interest rates and other economic

concerns. Countries with emerging securities markets may additionally

experience problems with share registration, settlement and custody,

which may result in losses to the Fund. The Fund may invest to a

substantial extent in emerging market securities that are denominated

in local currencies, subjecting the Fund to a greater degree of foreign

currency risk. Also, investing in emerging market countries may entail

purchases of securities of issuers that are insolvent, bankrupt or

otherwise of questionable ability to satisfy their payment obligations as

they become due, subjecting the Fund to a greater amount of credit risk

and/or high yield risk. The economy of some emerging markets may be

particularly exposed to or affected by a certain industry or sector, and

therefore issuers and/or securities of such emerging markets may be

more affected by the performance of such industries or sectors.

The currencies of emerging market countries may experience significant

declines against the U.S. dollar, and devaluation may occur subsequent

to investments in these currencies by the Fund. Many emerging market

countries have experienced substantial, and in some periods extremely

high, rates of inflation for many years. Inflation and rapid fluctuations in

inflation rates have had, and may continue to have, negative effects on

the economies and securities markets of certain emerging market

countries.

Emerging securities markets may have different clearance and

settlement procedures, which may be unable to keep pace with the

volume of securities transactions or otherwise make it difficult to

engage in such transactions. Settlement problems may cause the Fund

to miss attractive investment opportunities, hold a portion of the assets

in cash pending investment, or be delayed in disposing of a portfolio

security. Such a delay could result in possible liability to a purchaser of

the security. Custody services in many emerging market countries

remain undeveloped. The Fund will be investing in emerging market

countries where the current law and market practice carry fewer

safeguards than in more developed markets, including the protection of

client securities against claims from general creditors in the event of the

insolvency of an agent selected to hold securities on behalf of the Fund,

and the Fund's custodian and the Investment Manager have assumed

no liability for losses resulting from the Fund acting in accordance with

such practice.

For the avoidance of doubt, the emerging markets in which the Fund

may invest include frontier markets. Frontier market countries are

emerging market countries, but generally have smaller economies or

less mature capital markets than more developed emerging markets,

and, as a result, the risks of investing in emerging market countries are

magnified in frontier countries. The markets of frontier countries typically

have low trading volumes and the potential for extreme price volatility

and illiquidity. This volatility may be further heightened by the actions of

a few major investors. For example, a substantial increase or decrease in

cash flows of funds investing in these markets could significantly affect

local stock prices and, therefore, the net asset value of Fund shares.

These factors make investing in frontier countries significantly riskier

than in other countries, including other emerging market countries.

Foreign (Non-U.S.) Investment Risk

Foreign (non-U.S.) securities may experience more rapid and extreme

changes in value than securities of U.S. issuers or securities that trade

exclusively in U.S. markets. The securities markets of many foreign

countries are relatively small, with a limited number of companies

representing a small number of industries. Additionally, issuers of

foreign (non-U.S.) securities are usually not subject to the same degree

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of regulation as U.S. issuers. Financial Reporting, legal, corporate

governance, accounting, auditing and custody standards of foreign

countries differ, in some cases significantly, from U.S. standards. Global

economies and financial markets are becoming increasingly

interconnected, and conditions and events in one country, region or

financial market may adversely impact issuers in a different country,

region or financial market. Foreign (non-U.S.) market trading hours,

clearance and settlement procedures, and holiday schedules may limit

the Fund's ability to buy and sell securities. Investments in foreign

(non-U.S.) markets may also be adversely affected by governmental

actions such as the imposition of capital controls, nationalization of

companies or industries, expropriation of assets or the imposition of

punitive taxes. The governments of certain countries may prohibit or

impose substantial restrictions on foreign (non-U.S.) investing in their

capital markets or in certain sectors or industries. In addition, a foreign

(non-U.S.) government may limit or cause delay in the convertibility or

repatriation of its currency which would adversely affect the U.S. dollar

value and/or liquidity of investments denominated in that currency.

Certain foreign (non-U.S.) investments may become less liquid in

response to market developments or adverse investor perceptions, or

become illiquid after purchase by the Fund, particularly during periods

of market turmoil. A reduction in trading in securities of issuers located

in countries whose economies are heavily dependent upon trading with

key partners may have an adverse impact on the Fund's investments.

Also, nationalization, expropriation or confiscatory taxation, unstable

governments, decreased market liquidity, currency blockage, market

disruptions, political changes, security suspensions or diplomatic

developments, trade restrictions (including tariffs) or the imposition of

sanctions or other similar measures could adversely affect the Fund's

investments in a foreign (non-U.S.) country and may render holdings in

that foreign (non-U.S.) country illiquid or even worthless. In the event of

nationalization, expropriation or other confiscation, the Fund could lose

its entire investment in foreign (non-U.S.) securities. The type and

severity of sanctions and other similar measures, including counter

sanctions and other retaliatory actions, that may be imposed could vary

broadly in scope, and their impact is difficult to ascertain. These types of

measures may include, but are not limited to, banning a sanctioned

country or certain persons or entities associated with such country from

global payment systems that facilitate cross-border payments, restricting

securities transactions, restricting dealings with entities that are critical

to the infrastructure of securities and related transactions in specific

jurisdictions, restricting transactions in specified sectors of certain

countries, and freezing the assets of particular countries, entities or

persons. The imposition of sanctions and other similar measures could,

among other things, result in a decline in the value and/or liquidity of

affected securities, downgrades in the credit ratings of affected or

related securities, currency devaluation or volatility, and increased

market volatility and disruption in the securities or sanctioned country

and throughout the world. Sanctions and other similar measures could

directly or indirectly limit or prevent the Fund from buying and selling

securities, receiving interest or principal payments due on the securities,

significantly delay or prevent securities transactions, and adversely

impact the Fund's liquidity and performance and/or prevent the

liquidation of a portfolio holding sanctioned securities. Adverse

conditions in a certain region can adversely affect securities of other

countries whose economies appear to be unrelated. To the extent that

the Fund invests a significant portion of its assets in a specific

geographic region or in securities denominated in a particular foreign

(non-U.S.) currency, the Fund will generally have more exposure to

regional economic risks, including weather emergencies and natural

disasters, associated with foreign (non-U.S.) investments. Additionally,

events and evolving conditions in certain markets or regions may alter

the risk profile of investments tied to those markets or regions. This may

cause investments tied to such markets or regions to become riskier or

more volatile, even when investments in such markets or regions were

perceived as comparatively stable historically. Foreign (non-U.S.)

securities may also be less liquid (particularly during market closures

due to local market holidays or other reasons) and more difficult to

value than securities of U.S. issuers.

Investments in China.

The Fund may invest in securities and

instruments that are economically tied to the People's Republic of China

(excluding Hong Kong, Macau and Taiwan for the purpose of this

disclosure) ("PRC"). In determining whether an instrument is

economically tied to the PRC, PIMCO uses the criteria for determining

whether an instrument is economically tied to an emerging market

country as set forth above. Investing in securities and instruments

economically tied to the PRC subjects the Fund to certain of the risks of

investing in foreign (non-U.S.) securities and emerging market securities,

as well as additional risks specific to China. These additional risks

include (without limitation): (a) inefficiencies resulting from erratic

growth; (b) the unavailability of consistently-reliable economic data or

financial data; (c) potentially high rates of inflation; (d) dependence on

exports and international trade, including the risk of increased trade

tariffs, outbound investment measures, sanctions and embargoes; (e)

relatively high levels of asset price volatility; (f) potential shortage of

liquidity and limited accessibility by foreign (non-U.S.) investors

(including as a result of sanctions); (g) greater competition from

regional economies and territorial and other disputes with other

countries; (h) fluctuations in currency exchange rates or currency

devaluation by the PRC government or central bank, particularly in light

of the relative lack of currency hedging instruments and controls on the

ability to exchange local currency for U.S. dollars; (i) the relatively small

size and absence of operating history of many PRC companies; (j) the

developing nature of the legal and regulatory framework for securities

markets, custody arrangements and commerce; (k) uncertainty and

potential changes with respect to the rules and regulations of the

qualified foreign institutional investors ("QFII") program and other

market access programs through which such investments are made; (l)

the commitment of the PRC government to continue with its economic

reforms; (m) PRC regulators may suspend trading in PRC issuers (or

permit such issuers to suspend trading) during market disruptions, and

that such suspensions may be widespread and increase the risk of

market manipulation; (n) different regulatory and audit requirements

related to the quality of financial statements of Chinese issuers; (o)

limitations on the ability to inspect the quality of audits performed in

the PRC, particularly the Public Company Accounting Oversight Board's

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("PCAOB's") lack of access to inspect PCAOB-registered accounting

firms in the PRC; (p) limitations on the ability of U.S. authorities to

enforce actions against non-U.S. companies and non-U.S. persons; and

(q) limitations on the rights and remedies of investors as a matter of

law. In addition, there also exists control on foreign (non-U.S.)

investment in the PRC and limitations on repatriation of invested

capital.

In recent years, certain governmental bodies (including the

U.S. government) have considered and, in some cases, imposed

sanctions, trade and investment restrictions and notification

requirements on the PRC (as well as Hong Kong and Macau), and it is

possible that additional restrictions may be imposed or retaliatory action

may be taken in the future. In addition, the U.S. government has

implemented the Outbound Investment Security Program. This program

currently focuses on investments in certain national security sectors

(e.g., semiconductors, artificial intelligence, and quantum information

technology), and it may expand to cover additional sectors over time.

Complying with such restrictions may prevent a Fund from pursuing

certain investments, cause delays or other impediments with respect to

consummating such investments, require notification of such

investments to government authorities, require divestment or freezing of

investments on unfavorable terms, render divestment of

underperforming investments impracticable, negatively impact a Fund's

ability to achieve its investment objective, prevent the Fund from

receiving payments otherwise due it, require a Fund to obtain

information about underlying investors, increase diligence and other

similar costs to the Fund, render valuation of China-related investments

challenging, or require a Fund to consummate an investment on terms

that are less advantageous than would be the case absent such

restrictions. Any of these outcomes could adversely affect the Fund's

performance with respect to such investments, and thus a Fund's

performance as a whole.

Given the complex and evolving relationship between the PRC and

certain other countries, it is difficult to predict the impact of such

restrictions on market conditions. Foreign (non-U.S.) relations, such as

the PRC-U.S. relationship regarding trade, currency exchange,

intellectual property protection, among other things, could also have

implications with respect to capital flow and business operations. For

example, U.S. social, political, regulatory and economic conditions

prompting changes in laws and policies governing foreign (non-U.S.)

trade, manufacturing, developments and investments in the PRC could

limit the Fund's ability to access certain opportunities in PRC or restrict

transaction with certain PRC issuers and, as a result, could adversely

affect the performance of the Fund's investments.

Investments in Russia.

The Fund may invest in securities and

instruments that are economically tied to Russia. Investments in Russia

are subject to various risks such as, but not limited to political,

economic, legal, market and currency risks. The risks include uncertain

political and economic policies, short -term market volatility, poor

accounting standards, corruption and crime, an inadequate regulatory

system, regional armed conflict and unpredictable taxation. Investments

in Russia are particularly subject to the risk that further economic

sanctions, export and import controls, and other similar measures may

be imposed by the United States and/or other countries. Other similar

measures may include, but are not limited to, banning or expanding

bans on Russia or certain persons or entities associated with Russia

from global payment systems that facilitate cross-border payments,

restricting the settlement of securities transactions by certain investors,

and freezing Russian assets or those of particular countries, entities or

persons with ties to Russia (e.g., Belarus). Such sanctions and other

similar measures - which may impact companies in many sectors,

including energy, financial services, technology, accounting, quantum

computing, shipping, aviation, metals and mining, defense, architecture,

engineering, construction, manufacturing and transportation, among

others - and Russia's countermeasures may negatively impact the

Fund's performance and/or ability to achieve its investment objectives.

For example, certain investments may be prohibited and/or existing

investments may become illiquid (e.g., in the event that transacting in

certain existing investments is prohibited, securities markets close, or

market participants cease transacting in certain investments in light of

geopolitical events, sanctions or related considerations), which could

render any such securities held by the Fund unmarketable for an

indefinite period of time and/or cause the Fund to sell other portfolio

holdings at a disadvantageous time or price or to continue to hold

investments that the Fund no longer seeks to hold. In addition, such

sanctions or other similar measures, and the Russian government's

response, could result in a downgrade of Russia's credit rating or of

securities of issuers located in or economically tied to Russia,

devaluation of Russia's currency and/or increased volatility with respect

to Russian securities and the ruble. Moreover, disruptions caused by

Russian military action or other actions (including cyberattacks,

espionage or other asymmetric measures) or resulting actual or

threatened responses to such activity may impact Russia's economy and

Russian and other issuers of securities in which the Fund is invested.

Such resulting actual or threatened responses may include, but are not

limited to, purchasing and financing restrictions, withdrawal of financial

intermediaries, boycotts or changes in consumer or purchaser

preferences, sanctions, export and import controls, tariffs or cyberattacks

on the Russian government, Russian companies or Russian individuals,

including politicians. Any actions by Russia made in response to such

sanctions or retaliatory measures could further impair the value and

liquidity of Fund investments. Sanctions and other similar measures

have resulted in defaults on debt obligations by certain corporate

issuers and the Russian Federation that could lead to cross-defaults or

cross-accelerations on other obligations of these issuers. The Russian

securities market is characterized by limited volume of trading, resulting

in difficulty in obtaining accurate prices and trading. These issues can be

magnified as a result of sanctions and other similar measures that may

be imposed and the Russian government's response.

The Russian securities market, as compared to U.S. markets, has

significant price volatility, less liquidity, a smaller market capitalization

and a smaller number of traded securities. There may be little publicly

available information about issuers. Settlement, clearing and

registration of securities transactions are subject to risks. Prior to the

implementation of the National Settlement Depository ("NSD"), a

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recognized central securities depository, there was no central

registration system for equity share registration in Russia, and

registration was carried out by either the issuers themselves or by

registrars located throughout Russia. Title to Russian equities held

through the NSD is now based on the records of the NSD and not the

registrars. Although the implementation of the NSD has enhanced the

efficiency and transparency of the Russian securities market, issues

resulting in loss can still occur. In addition, sanctions by the European

Union against the NSD, as well as the potential for sanctions by other

governments, could make it more difficult to conduct or confirm

transactions involving Russian securities. Ownership of securities issued

by Russian companies that are not held through depositories such as

the NSD may be recorded by companies themselves and by registrars.

Moreover, changes in Russian laws and regulations could require the

transfer of securities from the NSD to registrars or other parties outside

of standard custodial arrangements. In such cases, the risk is increased

that the Fund could lose ownership rights through fraud, negligence or

oversight. While applicable Russian regulations impose liability on

registrars for losses resulting from their errors, it may be difficult for the

Fund to enforce any rights it may have against the registrar or issuer of

the securities in the event of loss of share registration. In addition,

issuers and registrars are still prominent in the validation and approval

of documentation requirements for corporate action processing in

Russia. Because the documentation requirements and approval criteria

vary between registrars and issuers, there remain unclear and

inconsistent market standards in the Russian market with respect to the

completion and submission of corporate action elections. In addition,

sanctions or Russian countermeasures may prohibit or limit the Fund's

ability to participate in corporate actions, and therefore require the Fund

to forego voting on or receiving funds that would otherwise be

beneficial to the Fund. To the extent that the Fund suffers a loss relating

to title or corporate actions relating to its portfolio securities, it may be

difficult for the Fund to enforce its rights or otherwise remedy the loss.

Russian securities laws may not recognize foreign nominee accounts

held with a custodian bank, and therefore the custodian may be

considered the ultimate owner of securities they hold for their clients.

Adverse currency exchange rates are a risk and there may be a lack of

available currency hedging instruments. Investments in Russia may be

subject to the risk of nationalization or expropriation of assets. Oil,

natural gas, metals, minerals and timber account for a significant

portion of Russia's exports, leaving the country vulnerable to swings in

world prices and to sanctions or other actions that may be directed at

the Russian economy as a whole or at Russian oil, natural gas, metals,

minerals or timber industries.

Sovereign Debt Risk

The Fund may have substantial exposure to emerging market sovereign

debt, including quasi-sovereign debt. Sovereign debt includes securities

issued or guaranteed by foreign sovereign governments or their

agencies, authorities, political subdivisions or instrumentalities.

Quasi-sovereign obligations typically are issued by companies or

agencies that may receive financial support or backing from a sovereign

government or in which the government owns a majority of the issuer's

voting shares. Quasi-sovereign obligations are typically less liquid and

less standardized than direct sovereign obligations.

In addition to the other risks applicable to debt investments, sovereign

debt may decline in value as a result of default or other adverse credit

event resulting from an issuer's inability or unwillingness to make

principal or interest payments in a timely fashion. A sovereign entity's

failure to make timely payments on its debt can result from many

factors, including, without limitation, insufficient foreign (non-U.S.)

currency reserves or an inability to sufficiently manage fluctuations in

relative currency valuations, an inability or unwillingness to satisfy the

demands of creditors and/or relevant supranational entities regarding

debt service or economic reforms, the size of the debt burden relative to

economic output and tax revenues, cash flow difficulties and other

political and social considerations. The risk of loss to the Fund in the

event of a sovereign debt default or other adverse credit event is

heightened by the unlikelihood of any formal recourse or means to

enforce its rights as a holder of the sovereign debt. In addition,

sovereign debt restructurings, which may be shaped by entities and

factors beyond the Fund's control, may result in a loss in value of the

Fund's sovereign debt holdings.

Currency Risk

Currency risk may be particularly high because the Fund may, at times

or in general, have substantial exposure to emerging market currencies,

and engage in foreign currency transactions that are economically tied

to emerging market countries. These currency transactions may present

market, credit, currency, liquidity, legal, political, headline, reputational

and other risks different from, or greater than, the risks of investing in

developed foreign (non-U.S.) currencies or engaging in foreign currency

transactions that are economically tied to developed foreign countries.

Investments denominated in foreign (non-U.S.) currencies or that trade

in and receive revenues in, foreign (non-U.S.) currencies, derivatives or

other instruments that provide exposure to foreign (non-U.S.)

currencies, are subject to the risk that those currencies will decline in

value relative to the U.S. dollar, or, in the case of hedging positions, that

the U.S. dollar will decline in value relative to the currency being

hedged.

Currency rates in foreign (non-U.S.) countries may fluctuate significantly

over short periods of time for a number of reasons, including changes in

interest or inflation rates, balance of payments and governmental

surpluses or deficits, intervention (or the failure to intervene) by U.S. or

foreign (non-U.S.) governments, central banks or supranational entities

such as the International Monetary Fund, the imposition of currency

controls or other political developments in the United States or abroad.

These fluctuations may have a significant adverse impact on the value of

the Fund's portfolio and/or the level of Fund distributions made to

Common Shareholders. There is no assurance that a hedging strategy, if

used, will be successful.

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Moreover, currency hedging techniques may be unavailable with respect

to emerging market currencies. As a result, the Fund's investments in or

exposure to foreign (non-U.S.) currencies and/or foreign (non-U.S.)

currency-denominated, and especially emerging market-currency

denominated, securities may reduce the returns of the Fund.

The local emerging market currencies in which the Fund may be

invested from time to time may experience substantially greater

volatility against the U.S. dollar than the major convertible currencies of

developed countries. Some of the local currencies in which the Fund

may invest are neither freely convertible into one of the major currencies

nor internationally traded. The local currencies may be convertible into

other currencies only inside the relevant emerging market where the

limited availability of such other currencies may tend to inflate their

values relative to the local currency in question. Such internal exchange

markets can therefore be said to be neither liquid nor competitive. In

addition, many of the currencies of emerging market countries in which

the Fund may invest have experienced steady devaluation relative to

freely convertible currencies.

Continuing uncertainty as to the status of the euro and the European

Monetary Union ("EMU") has created significant volatility in currency

and financial markets generally. Any partial or complete dissolution of

the EMU could have significant adverse effects on currency and financial

markets, and on the values of the Fund's portfolio investments. If one or

more EMU countries were to stop using the euro as its primary currency,

the Fund's investments in such countries may be redenominated into a

different or newly adopted currency. As a result, the value of those

investments could decline significantly and unpredictably. In addition,

securities or other investments that are redenominated may be subject

to foreign currency risk, liquidity risk and valuation risk to a greater

extent than similar investments currently denominated in euros. To the

extent a currency used for redenomination purposes is not specified in

respect of certain EMU-related investments, or should the euro cease to

be used entirely, the currency in which such investments are

denominated may be unclear, making such investments particularly

difficult to value or dispose of. The Fund may incur additional expenses

to the extent it is required to seek judicial or other clarification of the

denomination or value of such securities.

There can be no assurance that if the Fund earns income or capital gains

in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund's

investments from a given country, capital controls imposed by such

country will not prevent, or cause significant expense in, doing so.

Market Risk

The market price of securities owned by the Fund may fluctuate,

sometimes rapidly or unpredictably. Securities may decline in value due

to factors affecting (or perceiving to affect) securities markets generally

or particular industries or companies represented in the securities

markets. The value of a security may decline due to general market

conditions that are not specifically related to a particular company, such

as real or perceived adverse economic conditions, changes in the

general outlook for corporate earnings, levels of public debt and deficits,

changes in inflation, interest or currency rates, financial system

instability, adverse changes to credit markets or adverse investor

sentiment generally. The value of a security may also decline due to

factors that affect a particular industry or industries, such as labor

shortages or increased production costs and competitive conditions

within an industry. During a general downturn in the securities markets,

multiple asset classes may decline in value simultaneously even if the

performance of those asset classes is not otherwise historically

correlated. Investments may also be negatively impacted by market

disruptions and by attempts by other market participants to manipulate

the prices of particular investments. Equity securities generally have

greater price volatility than fixed income securities. Credit ratings

downgrades may also negatively affect securities held by the Fund. Even

when markets perform well, there is no assurance that the investments

held by the Fund will increase in value along with the broader market.

In addition, market risk includes the risk that geopolitical and other

events will disrupt the economy on a national or global level. For

instance, actual or threatened war, terrorism, social unrest, recessions,

supply chain disruptions, market manipulation, government defaults,

government shutdowns, political and regulatory changes, diplomatic

developments or the imposition of sanctions and other similar

measures, including the imposition of tariffs, or other U.S. economic

policies and any related public health emergencies (such as the spread

of infectious diseases, pandemics and epidemics), natural/environmental

disasters or events, climate-change and climate related events can all

negatively impact the securities markets, which could cause the Fund to

lose value. These events could reduce consumer demand or economic

output, result in market closures, changes in interest rates,

inflation/deflation, travel restrictions or quarantines, and significantly

adversely impact the economy.

As computing technology and data analytics continually advance there

has been an increasing trend towards machine driven and artificially

intelligent trading systems, particularly providing such systems with

increasing levels of autonomy in trading decisions. Regulators of

financial markets have become increasingly focused on the potential

impact of artificial intelligence on investment activities and may issue

regulations that are intended to affect the use of artificial technology in

trading activities. Any such regulations may not have the intended affect

on financial markets. Moreover, advancements in artificial intelligence

and other technologies may suffer from the introduction of errors,

defects or security vulnerabilities which can go undetected. The

potential speed of such trading and technologies may exacerbate the

impact of any such flaws, particularly where such flaws are exploited by

other artificially intelligent systems and may act to impair or prevent the

intervention of a human control.

The current contentious domestic political environment, as well as

political and diplomatic events within the United States and abroad,

such as the U.S. budget and deficit reduction plan and foreign policy

tensions with foreign nations, including embargoes, tariffs, sanctions,

trade wars, and other similar developments, has in the past resulted,

and may in the future result, in a government shutdown or otherwise

adversely affect the U.S. regulatory landscape, the general market

environment and/or investor sentiment, which could have an adverse

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impact on the Fund's investments and operations. Additional and/or

prolonged U.S. federal government shutdowns, U.S. foreign policy, the

imposition of tariffs, or other U.S. economic policies and any related

domestic and/or geopolitical tensions may affect investor and consumer

confidence and may adversely impact financial markets and the broader

economy, perhaps suddenly and to a significant degree. Governmental

and quasi-governmental authorities and regulators throughout the

world have previously responded to serious economic disruptions with a

variety of significant fiscal and monetary policy changes including but

not limited to, direct capital infusions into companies, new monetary

programs and dramatically lower interest rates. An unexpected or

sudden reversal of these policies, or the ineffectiveness of these policies,

could increase volatility in securities markets, which could adversely

affect the Fund's investments. Any market disruptions could also prevent

the Fund from executing advantageous investment decisions in a timely

manner. Funds that have focused their investments in a region enduring

geopolitical market disruption will face higher risks of loss. Thus,

investors should closely monitor current market conditions to determine

whether the Fund meets their individual financial needs and tolerance

for risk.

During inflationary price movements, fixed income securities markets

may experience heightened levels of interest rate, volatility and liquidity

risk. Interest rate increases in the future could cause the value of a fund

that invests in fixed income securities to decrease.

Interest rate increases and other market events have the potential to

adversely impact real estate values and real estate-related assets, which

could, by extension, adversely impact the value of other investments

(such as loans, securitized debt and other fixed income securities). Such

an impact could materialize in one real estate sector and not another, or

in a different manner in different real estate sectors. Examples of the

current risks faced by real estate-related assets include: tenant vacancy

rates, increased tenant turnover and tenant concentration; general real

estate headwinds, including delinquencies and difficulties in collecting

rents and other payments (which increases the risk of owners being

unable to pay or otherwise defaulting on their own borrowings and

obligations); decreases in property values; increases in inflation, upkeep

costs and other expenses; fluctuations in rents; and increased

concentration in ownership of certain types of properties.

Exchanges and securities markets may close early, close late or issue

trading halts on specific securities, which may result in, among other

things, the Fund being unable to buy or sell certain securities or financial

instruments at an advantageous time or accurately price its portfolio

investments.

Asset Allocation Risk

The Fund's investment performance depends upon how its assets are

allocated and reallocated. A principal risk of investing in the Fund is that

PIMCO may make less than optimal or poor asset allocation decisions,

which could result in the Fund being underweight or overweight in

sectors, asset classes, or geographies that perform differently than

expected. PIMCO employs an active approach to allocation among

multiple fixed income sectors, but there is no guarantee that such

allocation techniques will produce the desired results. It is possible that

PIMCO will focus on an investment that performs poorly or

underperforms other investments under various market conditions. A

Fund could experience losses as a result of these allocation decisions.

Issuer Risk

The value of a security may decline for a number of reasons that directly

relate to the issuer, such as management performance, major litigation,

investigations or other controversies, changes in the issuer's financial

condition or credit rating, changes in government regulations affecting

the issuer or its competitive environment and strategic initiatives such

as mergers, acquisitions or dispositions and the market response to any

such initiatives, financial leverage, reputation or reduced demand for the

issuer's goods or services, as well as the historical and prospective

earnings of the issuer and the value of its assets. A change in the

financial condition of a single issuer may affect one or more other

issuers or securities markets as a whole. These risks can apply to the

Common Shares issued by the Fund and to the issuers of securities and

other instruments in which the Fund invests.

Repurchase Offers Risk

As described under "Periodic Repurchase Offers" above, the Fund is an

"interval fund" and, in order to provide liquidity to shareholders, the

Fund, subject to applicable law,conducts quarterly repurchase offers of

the Fund's outstanding Common Shares at NAV, subject to approval of

the Board. In all cases, repurchase offers will be for at least 5% and not

more than 25% of its outstanding Common Shares at NAV, pursuant to

Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct

quarterly repurchase offers for 5% of its outstanding Common Shares

under ordinary circumstances. The Fund believes that these repurchase

offers are generally beneficial to the Fund's shareholders and

repurchases generally will be funded from available cash or sales of

portfolio securities. However, repurchase offers and the need to fund

repurchase obligations may affect the ability of the Fund to be fully

invested or force the Fund to maintain a higher percentage of its assets

in liquid investments, which may harm the Fund's investment

performance. Moreover, diminution in the size of the Fund through

repurchases may result in untimely sales of portfolio securities (with

associated imputed transaction costs, which may be significant), and

may limit the ability of the Fund to participate in new investment

opportunities or to achieve its investment objective. The Fund may

accumulate cash by holding back (i.e., not reinvesting) payments

received in connection with the Fund's investments. The Fund believes

that payments received in connection with the Fund's investments will

generate sufficient cash to meet the maximum potential amount of the

Fund's repurchase obligations. If at any time cash and other liquid

assets held by the Fund are not sufficient to meet the Fund's repurchase

obligations, the Fund intends, if necessary, to sell investments.To the

extent the Fund employs investment leverage, repurchases of Common

Shares would compound the adverse effects of leverage in a declining

market. In addition, if the Fund borrows to finance repurchases, interest

on that borrowing will negatively affect Common Shareholders who do

not tender their Common Shares by increasing the Fund's expenses and

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reducing any net investment income. If a repurchase offer is

oversubscribed, the Fund may, but is not required to, determine to

increase the amount repurchased by up to 2% of the Fund's

outstanding shares as of the date of the Repurchase Request Deadline.

In the event that the Fund determines not to repurchase more than the

repurchase offer amount, or if shareholders tender more than the

repurchase offer amount plus 2% of the Fund's outstanding shares as of

the date of the Repurchase Request Deadline, 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. As a result, shareholders may be unable to liquidate all or a

given percentage of their investment in the Fund during a particular

repurchase offer. Notwithstanding the foregoing, the Fund may accept

all Common Shares tendered for repurchase by shareholders who own

less than one hundred Common Shares and who tender all of their

Common Shares, before prorating Common Shares tendered by other

shareholders; provided that, if a shareholder holds shares through a

financial intermediary, such intermediary may not be willing or able to

arrange for this treatment on such shareholder's behalf.Some

shareholders, in anticipation of proration, may tender more Common

Shares than they wish to have repurchased in a particular quarter,

thereby increasing the likelihood that proration will occur. A shareholder

may be subject to market and other risks, and the NAV of Common

Shares tendered in a repurchase offer may decline between the

Repurchase Request Deadline and the date on which the NAV for

tendered Common Shares is determined. In addition, the repurchase of

Common Shares by the Fund may be a taxable event to shareholders.

Large Shareholder Risk

To the extent a large proportion of the Common Shares are held by a

small number of shareholders (or a single shareholder), including

affiliates of the Investment Manager, the Fund may be adversely

impacted if such shareholders purchase or request repurchases of large

amounts of Common Shares. For example, it is possible that in response

to a repurchase offer, the total amount of Common Shares tendered by

a small number of shareholders (or a single shareholder) may exceed

the number of Common Shares that the Fund has offered to repurchase.

If a repurchase offer is oversubscribed, the Fund will repurchase only a

pro rata portion of the Common Shares tendered by each shareholder.

In addition, substantial repurchases of Common Shares could result in a

decrease in the Fund's net assets, resulting in an increase in the Fund's

total annual operating expense ratio. See "Repurchase Offers Risk"

above for additional information about certain risks related to

Repurchase Offers.

Management Risk

The Fund is subject to management risk because it is an actively

managed investment portfolio. PIMCO and each individual portfolio

manager will apply investment techniques and risk analysis in making

investment decisions for the Fund. PIMCO and each portfolio manager

may determine that certain factors are more significant than others, but

there can be no guarantee that these decisions will produce the desired

results or that the due diligence conducted by PIMCO or such other

fund's investment adviser and individual portfolio managers will

evaluate every factor prior to investing in a company or issuer and

expose all material risks associated with an investment. Additionally,

PIMCO or such other fund's investment adviser and individual portfolio

managers may not be able to identify suitable investment opportunities

and may face competition from other investment managers when

identifying and consummating certain investments. Certain securities or

other instruments in which the Fund seeks to invest may not be

available in the quantities desired. In addition, regulatory restrictions,

actual or perceived conflicts of interest or other considerations may

cause PIMCO to restrict or prohibit participation in certain investments.

In such circumstances, PIMCO or the individual portfolio managers may

determine to purchase other securities or instruments as substitutes.

Such substitute securities or instruments may not perform as intended,

which could result in losses to the Fund. To the extent the Fund employs

strategies targeting perceived pricing inefficiencies, arbitrage strategies

or similar strategies, it is subject to the risk that the pricing or valuation

of the securities and instruments involved in such strategies may change

unexpectedly, which may result in reduced returns or losses to the

Fund. The Fund is also subject to the risk that deficiencies in the

internal systems or controls of PIMCO or another service provider will

cause losses for the Fund or hinder Fund operations. For example,

trading delays or errors (both human and systemic) could prevent the

Fund from purchasing a security expected to appreciate in value.

Additionally, actual or perceived conflicts of interest, legislative,

regulatory or tax restrictions, policies or developments may affect the

investment techniques available to PIMCO and each individual portfolio

manager in connection with managing the Fund and may also adversely

affect the ability of the Fund to achieve its investment objective. There

also can be no assurance that all of the personnel of PIMCO will

continue to be associated with PIMCO for any length of time. The loss of

the services of one or more key employees of PIMCO could have an

adverse impact on the Fund's ability to realize its investment objective.

In addition, the Fund may rely on various third-party sources to calculate

its NAV. As a result, the Fund is subject to certain operational risks

associated with reliance on service providers and service providers' data

sources. In particular, errors or systems failures and other technological

issues may adversely impact the Fund's calculations of its NAV, and such

NAV calculation issues may result in inaccurately calculated NAVs,

delays in NAV calculation and/or the inability to calculate NAVs over

extended periods. The Fund may be unable to recover any losses

associated with such failures.

Interest Rate Risk

Interest rate risk is the risk that fixed income securities and other

instruments in the Fund's portfolio will fluctuate in value because of

changes, or the anticipation of changes, in interest rates. Factors

including central bank monetary policy, rising inflation rates, and

changes in general economic conditions may cause interest rates to rise,

which could cause the value of the Fund's investments to decline. For

example, as nominal interest rates rise, the value of certain securities

held by the Fund is likely to decrease. Interest rate changes can be

sudden and unpredictable, and the Fund may experience losses as a

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result of movements in interest rates. The Fund may not be able to

hedge against changes in interest rates or may choose not to do so for

cost or other reasons.

Further, fixed income securities with longer durations tend to be more

sensitive to changes in interest rates, usually making them more volatile.

Duration is a measure used to determine the sensitivity of a security's

price to changes in interest rates that incorporates a security's yield,

coupon, final maturity and call features, among other characteristics.

Duration is useful primarily as a measure of the sensitivity of a fixed

income security's market price to interest rate (i.e., yield) movements. All

other things remaining equal, for each one percentage point increase in

interest rates, the value of a portfolio of fixed income investments would

generally be expected to decline by one percent for every year of the

portfolio's average duration above zero. For example, the value of a

portfolio of fixed income securities with an average duration of eight

years would generally be expected to decline by approximately 8% if

interest rates rose by one percentage point.

Dividend-paying equity securities, particularly those whose market price

is closely related to their yield, may be more sensitive to changes in

interest rates. During periods of rising interest rates, the values of such

securities may decline and may result in losses to the Fund. Variable and

floating rate securities may decline in value if their interest rates do not

rise as much, or as quickly, as interest rates in general. Conversely,

floating rate securities will not generally increase in value if interest

rates decline. Inverse floating rate securities may decrease in value if

interest rates increase. Inverse floating rate securities may also exhibit

greater price volatility than a fixed rate obligation with similar credit

quality. When the Fund holds variable or floating rate securities, a

decrease (or, in the case of inverse floating rate securities, an increase)

in market interest rates will adversely affect the income received from

such securities and the NAV of the Fund's shares.

A wide variety of factors can cause interest rates or yields of

U.S. Treasury securities (or yields of other types of bonds) to rise,

including but not limited to central bank monetary policies, changing

inflation or real growth rates, general economic conditions, increasing

bond issuances or reduced market demand for low yielding investments.

In addition, changes in monetary policy may exacerbate the risks

associated with changing interest rates. Further, in market environments

where interest rates are rising, issuers may be less willing or able to

make principal and interest payments on fixed-income investments

when due. Actions by governments and central banking authorities can

result in increases or decreases in interest rates. Periods of higher

inflation could cause such authorities to raise interest rates, which may

adversely affect the Fund and its investments.

During periods of very low or negative interest rates, the Fund may be

unable to maintain positive returns. Very low or negative interest rates

may magnify interest rate risk. Changing interest rates, including rates

that fall below zero, may have unpredictable effects on markets, may

result in heightened market volatility and may detract from Fund

performance to the extent the Fund is exposed to such interest rates.

Measures such as average duration may not accurately reflect the true

interest rate sensitivity of the Fund. This is especially the case if the Fund

consists of securities with widely varying durations. Therefore, if the

Fund has an average duration that suggests a certain level of interest

rate risk, the Fund may in fact be subject to greater interest rate risk

than the average would suggest. This risk is greater to the extent the

Fund uses leverage or derivatives in connection with the management

of the Fund.

Convexity is an additional measure used to understand a security's or

Fund's interest rate sensitivity. Convexity measures the rate of change of

duration in response to changes in interest rates. With respect to a

security's price, a larger convexity (positive or negative) may imply more

dramatic price changes in response to changing interest rates. Convexity

may be positive or negative. Negative convexity implies that interest

rate increases result in increased duration, and vice versa, meaning

increased sensitivity in prices in response to changes in interest rates.

Thus, securities with negative convexity, which may include bonds with

traditional call features and certain mortgage-backed securities, may

experience greater losses in periods of rising interest rates. Accordingly,

if the Fund holds such securities, the Fund may be subject to a greater

risk of losses in periods of rising interest rates.

Credit Risk

The Fund could experience losses if the issuer or guarantor of a fixed

income security (including a security purchased with securities lending

collateral), or the counterparty to a derivatives contract, or the issuer or

guarantor of collateral, repurchase agreement or a loan of portfolio

securities is unable or unwilling, or is perceived (whether by market

participants, rating agencies, pricing services or otherwise) as unable or

unwilling, to make timely principal and/or interest payments or to

otherwise honor its obligations. The risk that such issuer, guarantor or

counterparty is less willing or able to do so is heightened in market

environments where interest rates are changing, notably when rates are

rising. The downgrade of the credit rating of a security or of the issuer of

a security held by the Fund may decrease its value. Measures such as

average credit quality may not accurately reflect the true credit risk of

the Fund. This is especially the case if the Fund consists of securities

with widely varying credit ratings. Securities are subject to varying

degrees of credit risk, which are often reflected in credit ratings. Credit

risk is greater to the extent the Fund uses leverage or derivatives in

connection with the management of the Fund, which would be

magnified in the event that initial or variation margin is not provided by

the counterparty to such transaction (or not provided below a certain

threshold amount). Rising or high interest rates may deteriorate the

credit quality of an issuer or counterparty, particularly if an issuer or

counterparty faces challenges rolling or refinancing its obligations. The

Fund's investments may be adversely affected if any of the issuers it is

invested in are subject to an actual or perceived (whether by market

participants, rating agencies, pricing services or otherwise) deterioration

to their credit quality.

Credit risk includes credit spread risk, which is the risk that credit

spreads (i.e., the difference in yield between securities that is due to

differences in their actual or perceived credit quality) may increase when

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the market believes that investments generally have a greater risk of

default. Increasing credit spreads may reduce the market values of the

Fund's investments. Credit spreads often increase more for lower rated

and unrated securities than for investment grade securities. In addition,

when credit spreads increase, reductions in market value will generally

be greater for longer-maturity securities. Further, credit spread duration

(a measure of credit spread risk) can vary significantly from interest rate

duration (e.g., for floating rate debt securities, credit spread duration

typically will be higher than interest rate duration). The Fund may add

credit spread duration to its portfolio, for example through the use of

derivatives (e.g., credit default swaps), even while it has lower interest

rate duration. The credit spread duration of the Fund's portfolio may

vary, in some cases significantly, from its interest rate duration.

Corporate Debt Securities Risk

The market value of corporate debt securities generally may be expected

to rise and fall inversely with interest rates. The value of intermediate

and longer-term corporate debt securities normally fluctuates more in

response to changes in interest rates than does the value of

shorter-term corporate debt securities. The market value of a corporate

debt security also may be affected by factors directly relating to the

issuer, such as investors' perceptions of the creditworthiness of the

issuer, the issuer's financial performance, perceptions of the issuer in the

marketplace, performance of management of the issuer, the issuer's

capital structure and use of financial leverage and demand for the

issuer's goods and services. Certain risks associated with investments in

corporate debt securities are described elsewhere in this prospectus in

further detail. There is a risk that the issuers of corporate debt securities

may not be able to meet their obligations on interest or principal

payments at the time called for by an instrument. The Fund may invest

in below investment grade corporate bonds, often referred to as "high

yield" securities or "junk bonds." High yield corporate bonds are often

high risk and have speculative characteristics. High yield corporate

bonds may be particularly susceptible to adverse issuer-specific

developments. High yield corporate bonds are subject to the risks

described under "Principal Risks of the Fund—High Yield Securities

Risk." In addition, certain corporate debt securities may be highly

customized and as a result may be subject to, among others, liquidity

and valuation/pricing transparency risks.

Mortgage-Related and Other Asset-Backed Instruments Risk

The mortgage-related assets in which the Fund may invest include, but

are not limited to, any security, instrument or other asset that is related

to U.S. or non-U.S. mortgages, including those issued by private

originators or issuers, or issued or guaranteed as to principal or interest

by the U.S. government or its agencies or instrumentalities or by

non-U.S. governments or authorities, such as, without limitation, assets

representing interests in, collateralized or backed by, or whose values

are determined in whole or in part by reference to any number of

mortgages or pools of mortgages or the payment experience of such

mortgages or pools of mortgages, including real estate mortgage

investment conduits ("REMICs"), which could include resecuritizations

of REMICs ("Re-REMICs"), mortgage pass-through securities, inverse

floaters, collateralized mortgage obligations, CLOs, multi-class

pass-through securities, private mortgage pass-through securities,

stripped mortgage securities (generally interest-only and principal-only

securities), mortgage-related asset backed securities and

mortgage-related loans (including through participations, assignments,

originations and whole loans), including commercial and residential

mortgage loans. Exposures to mortgage-related assets through

derivatives or other financial instruments will be considered investments

in mortgage-related assets.

The Fund may also invest in other types of asset-backed securities,

including CDOs, CBOs and CLOs and other similarly structured

securities. See "The Fund's Investment Objective and Strategies-Portfolio

Contents and Other Information-Mortgage-Related and Other

Asset-Backed Instruments" in this prospectus and "Investment

Objective and Policies-Mortgage-Related and Other Asset-Backed

Instruments" in the Statement of Additional Information for a

description of the various mortgage-related and other asset-backed

instruments in which the Fund may invest and their related risks.

Mortgage-related and other asset-backed instruments represent

interests in "pools" of mortgages or other assets such as consumer

loans or receivables held in trust and often involve risks that are

different from or possibly more acute than risks associated with other

types of debt instruments.

Generally, rising interest rates tend to extend the duration of fixed rate

mortgage-related assets, making them more sensitive to changes in

interest rates. Compared to other fixed income investments with similar

maturity and credit, mortgage-related securities may increase in value to

a lesser extent when interest rates decline and may decline in value to a

similar or greater extent when interest rates rise. As a result, in a period

of rising interest rates, the Fund may exhibit additional volatility since

individual mortgage holders are less likely to exercise prepayment

options, thereby putting additional downward pressure on the value of

these securities and potentially causing the Fund to experience losses.

This is known as extension risk. Mortgage-backed securities can be

highly sensitive to rising interest rates, such that even small movements

can cause the Fund to lose value. Mortgage-backed securities, and in

particular those not backed by a government guarantee, are subject to

credit risk. When interest rates decline, borrowers may pay off their

mortgages sooner than expected. This can reduce the returns of the

Fund because the Fund may have to reinvest that money at the lower

prevailing interest rates. In addition, the creditworthiness, servicing

practices, and financial viability of the servicers of the underlying

mortgage pools present significant risks. For instance, a servicer may be

required to make advances in respect of delinquent loans underlying the

mortgage-related securities; however, servicers experiencing financial

difficulties may not be able to perform these obligations. Additionally,

both mortgage-related securities and asset-backed securities are subject

to risks associated with fraud or negligence by, or defalcation of, their

servicers. These securities are also subject to the risks of the underlying

loans. In some circumstances, a servicer's or originator's mishandling of

documentation related to the underlying collateral (e.g., failure to

properly document a security interest in the underlying collateral) may

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affect the rights of security holders in and to the underlying collateral. In

addition, the underlying loans may have been extended pursuant to

inappropriate underwriting guidelines, to no underwriting guidelines at

all, or to fraudulent origination practices. The owner of a

mortgage-backed security's ability to recover against the sponsor,

servicer or originator is uncertain and is often limited. The Fund's

investments in other asset-backed instruments are subject to risks

similar to those associated with mortgage-related assets, as well as

additional risks associated with the nature of the assets and the

servicing of those assets. Payment of principal and interest on

asset-backed instruments may be largely dependent upon the cash

flows generated by the assets backing the instruments, and

asset-backed instruments may not have the benefit of any security

interest in the related assets.

Subordinate mortgage-backed or asset-backed instruments are paid

interest only to the extent that there are funds available to make

payments. To the extent the collateral pool includes a large percentage

of delinquent loans, there is a risk that interest payments on

subordinate mortgage-backed or asset-backed instruments will not be

fully paid.

There are multiple tranches of mortgage-backed and asset-backed

instruments, offering investors various maturity and credit risk

characteristics. For example, tranches may be categorized as senior,

mezzanine, and subordinated/equity or "first loss." The most senior

tranche of a mortgage-backed or asset-backed instrument generally has

the greatest collateralization and generally pays the lowest interest rate.

If there are defaults or the collateral otherwise underperforms,

scheduled payments to senior tranches generally take precedence over

those of mezzanine tranches, and scheduled payments to mezzanine

tranches take precedence over those to subordinated/equity tranches.

Lower tranches represent lower degrees of credit quality and pay higher

interest rates intended to compensate for the attendant risks. The return

on the lower tranches is especially sensitive to the rate of defaults in the

collateral pool. The lowest tranche (i.e., the "equity" or "residual"

tranche) generally specifically receives the residual interest payments

(i.e., money that is left over after the higher tranches have been paid

and expenses of the issuing entities have been paid) rather than a fixed

interest rate. The Fund may also invest in the residual or equity tranches

of mortgage-related and other asset-backed instruments, which may be

referred to as subordinate mortgage-backed or asset-backed

instruments and interest-only mortgage-backed or asset-backed

instruments. The Fund expects that investments in subordinate

mortgage-backed and other asset-backed instruments will be subject to

risks arising from delinquencies and foreclosures, thereby exposing its

investment portfolio to potential losses. Subordinate securities of

mortgage-backed and other asset-backed instruments are also subject

to greater credit risk than those mortgage-backed or other asset-backed

instruments that are more highly rated.

The mortgage markets in the United States and in various foreign

countries have experienced extreme difficulties in the past that

adversely affected the performance and market value of certain of the

Fund's mortgage-related investments. Delinquencies and losses on

residential and commercial mortgage loans (especially subprime and

second-lien mortgage loans) may increase, and a decline in or flattening

of housing and other real property values may exacerbate such

delinquencies and losses. In addition, reduced investor demand for

mortgage loans and mortgage-related securities and increased investor

yield requirements have caused limited liquidity in the secondary market

for mortgage-related securities, which can adversely affect the market

value of mortgage-related securities. It is possible that such limited

liquidity in such secondary markets could continue or worsen.

With respect to risk retention tranches (i.e., eligible residual interests

initially held by the sponsors of commercial mortgage backed securities

("CMBS") and other eligible securitizations pursuant to the U.S. Risk

Retention Rules), a third-party purchaser, such as the Fund, must hold its

retained interest, unhedged, for at least five years following the closing

of the CMBS transaction, after which it is entitled to transfer its interest

in the securitization to another person that meets the requirements for a

third-party purchaser. Even after the required holding period has

expired, due to the generally illiquid nature of such investments, no

assurance can be given as to what, if any, exit strategies will ultimately

be available for any given position.

In addition, there is limited guidance on the application of the final

U.S. Risk Retention Rules to specific securitization structures. There can

be no assurance that the applicable federal agencies charged with the

implementation of the final U.S. Risk Retention Rules (e.g., the Federal

Deposit Insurance Corporation ("FDIC"), the Comptroller of the

Currency, the Federal Reserve Board, the SEC, the Department of

Housing and Urban Development, and the Federal Housing Finance

Agency) could not take positions in the future that differ from the

interpretation of such rules taken or embodied in such securitizations, or

that the final U.S. Risk Retention Rules will not change.

Furthermore, in situations where the Fund invests in risk retention

tranches of securitizations structured by third parties, the Fund may be

required to execute one or more letters or other agreements, the exact

form and nature of which will vary (each, a "Risk Retention

Agreement") under which it will make certain undertakings designed to

ensure such securitization complies with the U.S. Risk Retention Rules.

Such Risk Retention Agreements may include a variety of

representations, warranties, covenants and other indemnities, each of

which may run to various transaction parties. If the Fund breaches any

undertakings in any Risk Retention Agreement, it will be exposed to

claims by the other parties thereto, including for any losses incurred as a

result of such breach, which could be significant and exceed the value of

the Fund's investments. Direct investments in mortgages and other

types of collateral are subject to risks similar (and in some cases to a

greater degree) to those described above.

Privately-Issued Mortgage-Related Securities Risk

There are no direct or indirect government or agency guarantees of

mortgage-related securities are also not subject to the same

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underwriting requirements for the underlying mortgages that are

applicable to those mortgage-related securities that have a government

or government-sponsored entity guarantee.

Privately-issued mortgage-related securities are not traded on an

exchange and there may be a limited market for the securities, especially

when there is a perceived weakness in the mortgage and real estate

market sectors. Without an active trading market, mortgage-related

securities held in the Fund's portfolio may be particularly difficult to

value because of the complexities involved in assessing the value of the

underlying mortgage loans.

Subprime Risk

Loans, and debt instruments collateralized by loans (including shares,

certificates, notes or other securities issued by a special purpose entity

("SPE") sponsored by an alternative lending platform (i.e., an online

lending marketplace or lender that is not a traditional banker, such as a

bank) or its affiliates (the "Sponsor") that represent the right to receive

principal and interest payments due on pools of whole loans or fractions

of whole loans, which may (but may not) be issued by the Sponsor, held

by the SPE ("Alt Lending ABS")), acquired by the Fund may be subprime

in quality, or may become subprime in quality. Although there is no

specific legal or market definition of "subprime," subprime loans are

generally understood to refer to loans made to borrowers that display

poor credit histories and other characteristics that correlate with a

higher default risk. Accordingly, subprime loans, and debt instruments

secured by such loans (including Alt Lending ABS), have speculative

characteristics and are subject to heightened risks, including the risk of

nonpayment of interest or repayment of principal, and the risks

associated with investments in high yield securities. In addition, these

instruments could be subject to increased regulatory scrutiny. The Fund

is not restricted by any particular borrower credit risk criteria and/or

qualifications when acquiring loans or debt instruments collateralized

by loans.

Municipal Bond Risk

Investing in the municipal bond market involves the risks of investing in

debt securities generally and certain other risks. The amount of public

information available about the municipal bonds in which the Fund may

invest is generally less than that for corporate equities or bonds, and the

investment performance of the Fund's investment in municipal bonds

may therefore be more dependent on the analytical abilities of PIMCO

than its investments in taxable bonds. The secondary market for

municipal bonds, particularly below investment grade bonds in which

the Fund may invest, also tends to be less well developed or liquid than

many other securities markets, which may adversely affect the Fund's

ability to sell municipal bonds at attractive prices or value municipal

bonds.

The ability of municipal issuers to make timely payments of interest and

principal may be diminished during general economic downturns, by

litigation, legislation or political events, or by the bankruptcy of the

issuer. Budgetary constraints of local, state, and federal governments

upon which the issuers may be relying for funding may also impact

Municipal Bonds. Laws, referenda, ordinances or regulations enacted in

the future by Congress or state legislatures or the applicable

governmental entity could extend the time for payment of principal

and/or interest, or impose other constraints on enforcement of such

obligations, or on the ability of municipal issuers to levy taxes. Issuers of

municipal securities also might seek protection under the bankruptcy

laws. In the event of bankruptcy of such an issuer, the Fund could

experience delays in collecting principal and interest and the Fund may

not, in all circumstances, be able to collect all principal and interest to

which it is entitled. To enforce its rights in the event of a default in the

payment of interest or repayment of principal, or both, the Fund may

take possession of and manage the assets securing the issuer's

obligations on such securities, which may increase the Fund's operating

expenses. Adverse economic, business, legal or political developments

might affect all or a substantial portion of the Fund's municipal bonds in

the same manner. The Fund will be particularly subject to these risks to

the extent that it focuses its investments in municipal bonds in a

particular state or geographic region. Municipal securities may also have

exposure to potential risks resulting from climate change, including

extreme weather, flooding and fires. Climate risks, if materialized, can

adversely impact a municipal issuer's financial plans in current or future

years or may impair a funding source of a municipal issuer's revenue

bonds. As a result, the impact of climate risks could adversely impact the

value of the Fund's municipal securities investments.

The Fund may invest in trust certificates issued in tender option bond

programs. In these programs, a trust typically issues two classes of

certificates and uses the proceeds to purchase municipal securities

having relatively long maturities and bearing interest at a fixed interest

rate substantially higher than prevailing short-term tax-exempt rates.

There is a risk that the Fund will not be considered the owner of a

tender option bond for federal income tax purposes, and thus will not

be entitled to treat such interest as exempt from federal income tax.

Certain tender option bonds may be less liquid or may become less

liquid as a result of, among other things, a credit rating downgrade, a

payment default or a disqualification from tax-exempt status. The Fund's

investment in the securities issued by a tender option bond trust may

involve greater risk and volatility than an investment in a fixed rate

bond, and the value of such securities may decrease significantly when

market interest rates increase. Tender option bond trusts could be

terminated due to market, credit or other events beyond the Fund's

control, which could require the Fund to dispose of portfolio investments

at inopportune times and prices. The Fund may use a tender option

bond program as a way of achieving leverage in its portfolio, in which

case the Fund will be subject to leverage risk. The use of tender option

bonds will impact the Fund's duration and cause the Fund to be subject

to increased duration and interest rate risk.

The Fund may invest in revenue bonds, which are typically issued to

fund a wide variety of capital projects including electric, gas, water and

sewer systems; highways, bridges and tunnels; port and airport facilities;

colleges and universities; and hospitals. Because the principal security

for a revenue bond is generally the net revenues derived from a

particular facility or group of facilities or, in some cases, from the

proceeds of a special excise or other specific revenue source or annual

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revenues, there is no guarantee that the particular project will generate

enough revenue to pay its obligations, in which case the Fund's

performance may be adversely affected.

The Fund may invest in participations in lease obligations or installment

purchase contract obligations of municipal authorities or entities.

Although a municipal lease obligation does not constitute a general

obligation of the municipality for which the municipality's taxing power

is pledged, a municipal lease obligation is ordinarily backed by the

municipality's covenant to budget for, appropriate and make the

payments due under the municipal lease obligation. However, certain

municipal lease obligations contain "non-appropriation" clauses, which

provide that the municipality has no obligation to make lease or

installment purchase payments in future years unless money is

appropriated for such purpose on a yearly basis. In the case of a

"non-appropriation" lease, the Fund's ability to recover under the lease

in the event of non-appropriation or default will be limited solely to the

repossession of the leased property, without recourse to the general

credit of the lessee, and the disposition or re-leasing of the property

might prove difficult.

Municipal securities are also subject to interest rate, credit, and liquidity

risk.

Interest Rate Risk.

The value of municipal securities, similar to other

fixed income securities, will likely drop as interest rates rise in the

general market. Conversely, when rates decline, bond prices generally

rise.

Credit Risk.

The risk that a borrower may be unable to make interest

or principal payments when they are due. Funds that invest in municipal

securities rely on the ability of the issuer to service its debt. This subjects

the Fund to credit risk in that the municipal issuer may be fiscally

unstable or exposed to large liabilities that could impair its ability to

honor its financial obligations. Municipal issuers with significant debt

service requirements, in the near-to mid-term; unrated issuers and those

with less capital and liquidity to absorb additional expenses may be

most at risk. To the extent the Fund invests in lower quality or high yield

municipal securities, it may be more sensitive to the adverse credit

events in the municipal market. The treatment of municipalities in

bankruptcy is more uncertain, and potentially more adverse to debt

holders, than for corporate issues.

Liquidity Risk.

The risk that investors may have difficulty finding a

buyer when they seek to sell, and therefore, may be forced to sell at a

discount to the market value. Liquidity may sometimes be impaired in

the municipal market and because the Fund primarily invests in

municipal securities, it may find it difficult to purchase or sell such

securities at opportune times. The municipal securities market can be

susceptible to increases in volatility and decreases in liquidity. Liquidity

can decline unpredictably in response to a variety of factors, including

overall economic conditions or credit tightening. Increases in volatility

and decreases in liquidity also may be caused by a rise in interest rates

(or the expectation of a rise in interest rates). Liquidity can be impaired

due to interest rate concerns, credit events, or general supply and

demand imbalances. Depending on the particular issuer and current

economic conditions, municipal securities could be deemed more

volatile investments.

In addition to general municipal market risks, different municipal sectors

may face different risks. For instance, general obligation bonds are

secured by the full faith, credit, and taxing power of the municipality

issuing the obligation. As such, timely payment depends on the

municipality's ability to raise tax revenue and maintain a fiscally sound

budget. The timely payments may also be influenced by any unfunded

pension liabilities or other post-employee benefit plan liabilities.

Revenue bonds are secured by special tax revenues or other revenue

sources. If the specified revenues do not materialize, then the bonds

may not be repaid.

Private activity bonds are yet another type of municipal security.

Municipalities use private activity bonds to finance the development of

industrial facilities for use by private enterprise. Principal and interest

payments are to be made by the private enterprise benefiting from the

development, which means that the holder of the bond is exposed to

the risk that the private issuer may default on the bond.

Moral obligation bonds are usually issued by special purpose public

entities. If the public entity defaults, repayment becomes a "moral

obligation" instead of a legal one. The lack of a legally enforceable right

to payment in the event of default poses a special risk for a holder of

the bond because it has little or no ability to seek recourse in the event

of default.

In addition, a significant restructuring of federal income tax rates or

even serious discussion on the topic in Congress could cause municipal

bond prices to fall. The demand for municipal securities is strongly

influenced by the value of tax-exempt income to investors relative to

taxable income. Lower income tax rates potentially reduce the

advantage of owning municipal securities.

Similarly, changes to state or federal regulation tied to a specific sector,

such as the hospital sector, could have an impact on the revenue stream

for a given subset of the market.

Municipal notes are similar to general municipal debt obligations, but

they generally possess shorter terms. Municipal notes can be used to

provide interim financing and may not be repaid if anticipated revenues

are not realized.

High Yield Securities Risk

To the extent that the Fund invests in high yield securities and unrated

securities of similar credit quality (commonly known as "high yield

securities" or "junk bonds"), the Fund may be subject to greater levels

of market risk, credit risk, call risk and liquidity risk than funds that do

not invest in such securities, which could have a negative effect on the

NAV and market price of the Fund's Common Shares or Common Share

dividends. These securities are considered predominantly speculative by

ratings agencies with respect to an issuer's continuing ability to make

principal and interest payments, and their value may be more volatile

than other types of securities. An economic downturn or individual

issuer developments could adversely affect the market for these

securities and reduce the Fund's ability to sell these securities at an

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advantageous time or price. An economic downturn could also lead to a

higher non-payment rate and, a high yield security may lose significant

market value before a default occurs. The Fund may purchase distressed

securities that are in default or the issuers of which are in bankruptcy,

which involve heightened risks.

High yield securities structured as zero-coupon bonds or pay-in-kind

securities tend to be especially volatile as they are particularly sensitive

to downward pricing pressures from rising interest rates or widening

spreads and may require the Fund to make taxable distributions of

imputed income without receiving the actual cash currency. Issuers of

high yield securities may have the right to "call" or redeem the issue

prior to maturity, which may result in the Fund having to reinvest the

proceeds in other high yield securities or similar instruments that may

pay lower interest rates. The Fund may also be subject to greater levels

of liquidity risk than funds that do not invest in high yield securities.

Consequently, transactions in high yield securities may involve greater

costs than transactions in more actively traded securities. A lack of

publicly-available information, irregular trading activity and wide

bid/ask spreads among other factors, may, in certain circumstances,

make high yield debt more difficult to sell at an advantageous time or

price than other types of securities or instruments. These factors may

result in the Fund being unable to realize full value for these securities

and/or may result in the Fund not receiving the proceeds from a sale of

a high yield security for an extended period after such sale, each of

which could result in losses to the Fund. Because of the risks involved in

investing in high yield securities, an investment in the Fund should be

considered speculative.

In general, lower rated debt securities carry a greater degree of risk that

the issuer will lose its ability to make interest and principal payments,

which could have a negative effect on the Fund. Securities of below

investment grade quality are regarded as having predominantly

speculative characteristics with respect to capacity to pay interest and

repay principal and are commonly referred to as "high yield" securities

or "junk bonds." High yield securities involve a greater risk of default

and their prices are generally more volatile and sensitive to actual or

perceived negative developments. Debt securities in the lowest

investment grade category also may be considered to possess some

speculative characteristics by certain rating agencies. The Fund may

purchase stressed or distressed securities that are in default or the

issuers of which are in bankruptcy, which involve heightened risks. An

economic downturn could severely affect the ability of issuers

(particularly those that are highly leveraged) to service or repay their

debt obligations. Lower-rated securities are generally less liquid than

higher-rated securities, which may have an adverse effect on the Fund's

ability to dispose of them. For example, under adverse market or

economic conditions, the secondary market for below investment grade

securities could contract further, independent of any specific adverse

changes in the condition of a particular issuer, and certain securities in

the Fund's portfolio may become illiquid or less liquid. As a result, the

Fund could find it more difficult to sell these securities or may be able to

sell these securities only at prices lower than if such securities were

widely traded. To the extent the Fund focuses on below investment

grade debt obligations, PIMCO's capabilities in analyzing credit quality

and associated risks will be particularly important, and there can be no

assurance that PIMCO will be successful in this regard. Due to the risks

involved in investing in high yield securities, an investment in the Fund

should be considered speculative. The Fund's credit quality policies

apply only at the time a security is purchased, and the Fund is not

required to dispose of a security in the event that a rating agency or

PIMCO downgrades its assessment of the credit characteristics of a

particular issue. In determining whether to retain or sell such a security,

PIMCO may consider factors including, but not limited to, PIMCO's

assessment of the credit quality of the issuer of such security, the price

at which such security could be sold and the rating, if any, assigned to

such security by other rating agencies. Analysis of creditworthiness may

be more complex for issuers of high yield securities than for issuers of

higher quality debt securities.

Distressed and Defaulted Securities Risk

Investments in the securities of financially distressed issuers involve

substantial risks, including the risk of default. Distressed securities

generally trade significantly below "par" or full value because

investments in such securities and debt of distressed issuers or issuers in

default are considered speculative and involve substantial risks in

addition to the risks of investing in high-yield bonds. Such investments

may be in default at the time of investment. In addition, these securities

may fluctuate more in price, and are typically less liquid. The Fund also

will be subject to significant uncertainty as to when, and in what

manner, and for what value obligations evidenced by securities of

financially distressed issuers will eventually be satisfied. Defaulted

obligations might be repaid only after lengthy workout or bankruptcy

proceedings, during which the issuer might not make any interest or

other payments. In any such proceeding relating to a defaulted

obligation, the Fund may lose its entire investment or may be required

to accept cash or securities with a value substantially less than its

original investment. Moreover, any securities received by the Fund upon

completion of a workout or bankruptcy proceeding may be less liquid,

speculative or restricted as to resale. Similarly, if the Fund participates in

negotiations with respect to any exchange offer or plan of

reorganization with respect to the securities of a distressed issuer, the

Fund may be restricted from disposing of such securities. To the extent

that the Fund becomes involved in such proceedings, the Fund may

have a more active participation in the affairs of the issuer than that

assumed generally by an investor. The Fund may incur additional

expenses to the extent it is required to seek recovery upon a default in

the payment of principal or interest on its portfolio holdings.

Also among the risks inherent in investments in a troubled issuer is that

it frequently may be difficult to obtain information as to the true

financial condition of such issuer. PIMCO's judgments about the credit

quality of a financially distressed issuer and the relative value of its

securities may prove to be wrong.

Senior Debt Risk

The Fund may be subject to greater levels of credit risk than funds that

do not invest in below investment grade senior debt. The Fund may also

be subject to greater levels of liquidity risk than funds that do not invest

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in senior debt. Restrictions on transfers in loan agreements, a lack of

publicly available information and other factors may, in certain

instances, make senior debt more difficult to sell at an advantageous

time or price than other types of securities or instruments. Additionally,

if the issuer of senior debt prepays, the Fund will have to consider

reinvesting the proceeds in other senior debt or similar instruments that

may pay lower interest rates.

Loans and Other Indebtedness; Loan Acquisitions,

Participations and Assignments Risk

Loan interests may take the form of (i) direct interests acquired during a

primary distribution or other purchase of a loan, (ii) loans originated by

the Fund or (iii) assignments of, novations of or participations in all or a

portion of a loan acquired in secondary markets. In addition to credit

risk and interest rate risk, the Fund's exposure to loan interests may be

subject to additional risks. For example, purchasers of loans and other

forms of direct indebtedness depend primarily upon the

creditworthiness of the borrower for payment of principal and interest.

Loans are subject to the risk that scheduled interest or principal

payments will not be made in a timely manner or at all, either of which

may adversely affect the value of the loan. If the Fund does not receive

scheduled interest or principal payments on such indebtedness, the

Fund's share price and yield could be adversely affected. Loans that are

fully secured may offer the Fund more protection than an unsecured

loan in the event of non-payment of scheduled interest or principal if

the Fund is able to access and monetize the collateral. However, the

collateral underlying a loan, if any, may be unavailable or insufficient to

satisfy a borrower's obligation. If the Fund becomes owner, whole or in

part, of any collateral after a loan is foreclosed, the Fund may incur costs

associated with owning and/or monetizing its ownership of the

collateral.

During periods of deteriorating economic conditions, such as recessions

or periods of rising unemployment, or changing interest rates (notably

increases), delinquencies and losses generally increase, sometimes

dramatically, with respect to obligations under such loans. An economic

downturn or individual corporate developments could adversely affect

the market for these instruments and reduce the Fund's ability to sell

these instruments at an advantageous time or price. An economic

downturn could also lead to a higher non-payment rate and, a loan may

lose significant market value before a default occurs.

Investments in loans through a purchase of a loan, loan origination or a

direct assignment of a financial institution's interests with respect to a

loan may involve additional risks to the Fund. For example, if a loan is

foreclosed, the Fund could become owner, in whole or in part, of any

collateral, which could include, among other assets, real estate or other

real or personal property, and would bear the costs and liabilities

associated with owning and holding or disposing of the collateral.

Moreover, the purchaser of an assignment typically succeeds to all the

rights and obligations under the loan agreement with the same rights

and obligations as the assigning lender. Assignments may, however, be

arranged through private negotiations between potential assignees and

potential assignors, and the rights and obligations acquired by the

purchaser of an assignment may differ from, and be more limited than,

those held by the assigning lender. The Fund may also invest in loans

that are not secured by collateral which typically present greater risks

than collateralized loans.

The Fund may obtain exposure to loans made to private investment

vehicles, including private funds that are not registered under the 1940

Act. Such loans may be for various purposes, including but not limited

to, subscription line or "sub-line" credit facilities secured by the uncalled

capital commitments of such private investment vehicles' investors.

Although such capital commitments are typically subject to legally

binding agreements, there can be no assurance that the investors will

meet their funding obligations when called. As a result, the Fund may be

subject to the risk of delay or default in repayment of the loan, which

could negatively impact the Fund's performance. Additionally, the Fund

may face liquidity risks if the private investment vehicle is unable to

draw on capital commitments in a timely manner.

In connection with purchasing loan participations, the Fund generally

will have no right to enforce compliance by the borrower with the terms

of the loan agreement relating to the loan, nor any rights of set-off

against the borrower, and the Fund may not directly benefit from any

collateral supporting the loan in which it has purchased the loan

participation. As a result, the Fund will be subject to the credit risk of

both the borrower and the lender that is selling the participation. In the

event of the insolvency of the lender selling a participation, the Fund

may be treated as a general creditor of the lender and may not benefit

from any set-off between the lender and the borrower. Certain loan

participations may be structured in a manner designed to prevent

purchasers of participations from being subject to the credit risk of the

lender, but even under such a structure, in the event of the lender's

insolvency, the lender's servicing of the participation may be delayed

and the assignability of the participation impaired.

The Fund may have difficulty disposing of loans and loan participations.

Because there may not be a liquid market for many such investments,

the Fund anticipates that such investments could be sold only to a

limited number of institutional investors. The lack of a liquid secondary

market may have an adverse impact on the value of such investments

and the Fund's ability to dispose of particular loans and loan

participations when that would be desirable, including in response to a

specific economic event such as a deterioration in the creditworthiness

of the borrower. The lack of a liquid secondary market for loans and loan

participations also may make it more difficult for the Fund to assign a

value to these securities for purposes of valuing the Fund's portfolio.

Investments in loans may include participations in bridge loans, which

are loans taken out by borrowers for a short period (typically less than

one year) pending arrangement of more permanent financing through,

for example, the issuance of bonds, frequently high yield bonds issued

for the purpose of acquisitions.

Investments in loans may include acquisitions of, or participation in,

delayed draw and delayed funding loans and revolving credit facilities.

These commitments may have the effect of requiring the Fund to

increase its investment in a borrower at a time when it might not

otherwise decide to do so (including at a time when the company's

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financial condition makes it unlikely that such amounts will be repaid).

Delayed draw and delayed funding loans and revolving credit facilities

may be subject to restrictions on transfer, and only limited opportunities

may exist to resell such instruments. As a result, the Fund may be unable

to sell such investments at an opportune time or may have to resell

them at less than fair market value. Further, the Fund may need to hold

liquid assets in order to provide funding for these types of

commitments, meaning the Fund may not be able to invest in other

attractive investments, or the Fund may need to liquidate existing assets

in order to provide such funding.

The Fund may invest in loans used to finance the cost of construction,

acquisition, development, and/ or rehabilitation of a property including,

but not limited to, development of single-family for-sale homes,

multi-family rentals and/or commercial facilities. Such construction

lending may expose the Fund to increased risk of non-payment and loss

because the loan is not backed by a finished project. Such risk may

depend on the nature of the construction and the relevant counterparty

or counterparties, which may include, but not be limited to,

homebuilders, private developers and/or entities with limited capital.

Repayment of these types of loans may depend on the borrower's ability

to secure permanent "take-out" financing, which requires the successful

completion of the project, or operation of the property with an income

stream sufficient to meet operating and loan expenses. In addition,

these types of loans are subject to the risk of errors in estimations of the

property's value at completion of construction and the estimated cost of

construction, as well as the risk that the projects may not be completed

and have limited liquidity.

To the extent the Fund invests in loans, or originates loans, the Fund

may be subject to greater levels of credit risk, call risk, settlement risk,

risk of subordination to other creditors, insufficient or lack of protection

under federal securities laws and liquidity risk. These instruments are

considered predominantly speculative with respect to an issuer's

continuing ability to make principal and interest payments and may be

more volatile than other types of securities. The Fund may also be

subject to greater levels of liquidity risk than funds that do not invest in

loans. In addition, the loans in which the Fund invests may not be listed

on any exchange and a secondary market for such loans may be

comparatively illiquid relative to markets for other more liquid fixed

income securities. Consequently, transactions in loans may involve

greater costs than transactions in more actively traded securities. In

connection with certain loan transactions, transaction costs that are

borne by the Fund may include the expenses of third parties that are

retained to assist with reviewing and conducting diligence, negotiating,

structuring and servicing a loan transaction, and/or providing other

services in connection therewith. Furthermore, the Fund may incur such

costs in connection with loan transactions that are pursued by the Fund

but not ultimately consummated (so-called "broken deal costs").

Restrictions on transfers in loan agreements, a lack of publicly-available

information, irregular trading activity and wide bid/ask spreads, among

other factors, may, in certain circumstances, make loans more difficult to

sell at an advantageous time or price than other types of securities or

instruments. These factors may result in the Fund being unable to realize

full value for the loans and/or may result in the Fund not receiving the

proceeds from a sale of a loan for an extended period after such sale,

each of which could result in losses to the Fund. Some loans may have

extended trade settlement periods, including settlement periods of

greater than seven days, which may result in cash not being

immediately available to the Fund. If an issuer of a loan prepays or

redeems the loan prior to maturity, the Fund may have to reinvest the

proceeds in other loans or similar instruments that may pay lower

interest rates. Because of such risks involved in investing in loans, an

investment in the Fund should be considered speculative.

The Fund's investments in subordinated and unsecured loans generally

are subject to similar risks as those associated with investments in

secured loans. Subordinated or unsecured loans are lower in priority of

payment to secured loans and are subject to the additional risk that the

cash flow of the borrower and property securing the loan or debt, if any,

may be insufficient to meet scheduled payments after giving effect to

the senior secured obligations of the borrower. This risk is generally

higher for subordinated unsecured loans or debt, which are not backed

by a security interest in any specific collateral. Subordinated and

unsecured loans generally have greater price volatility than secured

loans and may be less liquid. There is also a possibility that originators

will not be able to sell participations in subordinated or unsecured

loans, which would create greater credit risk exposure for the holders of

such loans. Subordinate and unsecured loans share the same risks as

other below investment grade securities.

There may be less readily available information about most loans and

the underlying borrowers than is the case for many other types of

securities. Loans may be issued by borrowers that are not subject to SEC

reporting requirements and therefore may not be required to file reports

with the SEC or may file reports that are not required to comply with

SEC form requirements. In addition, such borrowers may be subject to a

less stringent liability disclosure regime than companies subject to SEC

reporting requirements. Loans may not be considered "securities," and

purchasers, such as the Fund, therefore may not be entitled to rely on

the anti-fraud protections of the federal securities laws. Because there is

limited public information available regarding loan investments, the

Fund is particularly dependent on the analytical abilities of the Fund's

portfolio managers.

Economic exposure to loan interests through the use of derivative

transactions may involve greater risks than if the Fund had invested in

the loan interest directly during a primary distribution, through direct

originations or through assignments of, novations of or participations in

a loan acquired in secondary markets since, in addition to the risks

described above, certain derivative transactions may be subject to

leverage risk and greater illiquidity risk, counterparty risk, valuation risk

and other risks.

Loan Origination Risk

The Fund may originate loans, including, without limitation, residential

and/or commercial real estate or mortgage-related loans, consumer

loans or other types of loans, which may be in the form of, and without

limitation as to a loan's level of seniority within a capital structure,

whole loans, assignments, participations, secured and unsecured notes,

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senior and second lien loans, mezzanine loans, bridge loans or similar

investments. The Fund may originate loans to corporations and/or other

legal entities and individuals, including foreign (non-U.S.) and emerging

market entities and individuals. Loans may carry significant credit risks

(for example, a borrower may not have a credit rating or score or may

have a rating or score that indicates significant credit risk). This may

include loans to public or private firms or individuals, such as in

connection with housing development projects. The loans the Fund

invests in or originates may vary in maturity and/or duration. The Fund is

not limited in the amount, size or type of loans it may invest in and/or

originate, including with respect to a single borrower or with respect to

borrowers that are determined to be below investment grade, other

than pursuant to any applicable law. The Fund's investment in or

origination of loans may also be limited by the requirements the Fund

intends to observe under Subchapter M of the Code in order to qualify

as a RIC. The Fund may subsequently offer such investments for sale to

third parties; provided, that there is no assurance that the Fund will

complete the sale of such an investment. If the Fund is unable to sell,

assign or successfully close transactions for the loans that it originates,

the Fund will be forced to hold its interest in such loans for an

indeterminate period of time. This could result in the Fund's investments

having high exposure to certain borrowers. The Fund will be responsible

for the expenses associated with originating a loan (whether or not

consummated). This may include significant legal and due diligence

expenses, which will be indirectly borne by the Fund and Common

Shareholders.

Bridge loans are generally made with the expectation that the borrower

will be able to obtain permanent financing in the near future. Any delay

in obtaining permanent financing subjects the bridge loan investor to

increased risk. A borrower's use of bridge loans also involves the risk

that the borrower may be unable to locate permanent financing to

replace the bridge loan, which may impair the borrower's perceived

creditworthiness.

Loan origination and servicing companies are routinely involved in legal

proceedings concerning matters that arise in the ordinary course of their

business. In addition, a number of participants in the loan origination

and servicing industry (including control persons of industry

participants) have been the subject of regulatory actions by state

regulators, including state attorneys general, and by the federal

government. Governmental investigations, examinations or regulatory

actions, or private lawsuits, including purported class action lawsuits,

may adversely affect such companies' financial results. To the extent the

Fund engages in origination and/or servicing directly, or has a financial

interest in, or is otherwise affiliated with, an origination or servicing

company, the Fund will be subject to enhanced risks of litigation,

regulatory actions and other proceedings. As a result, the Fund may be

required to pay legal fees, settlement costs, damages, penalties or other

charges, any or all of which could materially adversely affect the Fund

and its holdings.

Foreign Loan Originations Risk

The Fund may originate loans to foreign entities and individuals,

including foreign (non-U.S.) and emerging market entities and

individuals. Such loans may involve risks not ordinarily associated with

exposure to loans to United States entities and individuals. The foreign

lending industry may be subject to less governmental supervision and

regulation than exists in the United States; conversely, foreign

regulatory regimes applicable to the lending industry may be more

complex and more restrictive than those in the United States, resulting

in higher costs associated with such investments, and such regulatory

regimes may be subject to interpretation or change without prior notice

to investors, such as the Fund. Foreign lending may not be subject to

accounting, auditing, and financial reporting standards and practices

comparable to those in the United States Due to differences in legal

systems, there may be difficulty in obtaining or enforcing a court

judgment outside the United States In addition, to the extent that

investments are made in a limited number of countries, events in those

countries will have a more significant impact on the Fund. The Fund's

loans to foreign entities and individuals may be subject to risks of

increased transaction costs, potential delays in settlement or

unfavorable differences between the U.S. economy and foreign

economies.

The Fund's exposure to loans to foreign entities and individuals may be

subject to withholding and other foreign taxes, which may adversely

affect the net return on such investments. In addition, fluctuations in

foreign currency exchange rates and exchange controls may adversely

affect the market value of the Fund's exposure to loans to foreign

entities and individuals. The Fund is unlikely to be able to pass through

to its shareholders foreign income tax credits in respect of any foreign

income taxes it pays.

Privacy and Data Security Risk

The Gramm-Leach-Bliley Act ("GLBA") and other laws limit the

disclosure of certain non-public personal information about a consumer

to non-affiliated third parties and require financial institutions to

disclose certain privacy policies and practices with respect to

information sharing with both affiliates and non-affiliated third parties.

Many states and a number of non-U.S. jurisdictions have enacted

privacy and data security laws requiring safeguards on the privacy and

security of consumers' personally identifiable information. Other laws

deal with obligations to safeguard and dispose of private information in

a manner designed to avoid its dissemination. Privacy rules adopted by

the U.S. Federal Trade Commission and SEC implement the GLBA and

other requirements and govern the disclosure of consumer financial

information by certain financial institutions, ranging from banks to

private investment funds. U.S. platforms following certain models

generally are required to have privacy policies that conform to these

GLBA and other requirements. In addition, such platforms typically have

policies and procedures intended to maintain platform participants'

personal information securely and dispose of it properly.

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The Fund generally does not intend to obtain or hold borrowers'

non-public personal information, and the Fund has implemented

procedures reasonably designed to prevent the disclosure of borrowers'

non-public personal information to the Fund. However, service providers

to the Fund or its direct or indirect fully-owned subsidiaries, including

their custodians and the platforms acting as loan servicers for the Fund

or its direct or indirect fully-owned subsidiaries, may obtain, hold or

process such information. The Fund cannot guarantee the security of

non-public personal information in the possession of such a service

provider and cannot guarantee that service providers have been and will

continue to comply with the GLBA, other data security and privacy laws

and any other related regulatory requirements. Violations of the GLBA

and other laws could subject the Fund to litigation and/or fines,

penalties or other regulatory action, which, individually or in the

aggregate, could have an adverse effect on the Fund. The Fund may also

face regulations related to privacy and data security in the other

jurisdictions in which the Fund invests.

Platform Risk

The Alt Lending ABS in which the Fund may invest are typically not listed

on any securities exchange and not registered under the Securities Act.

In addition, the Fund anticipates that these instruments may only be

sold to a limited number of investors and may have a limited or

non-existent secondary market. Accordingly, the Fund currently expects

that certain of the investments it may make in Alt Lending ABS will face

heightened levels of liquidity risk. Although currently there is generally

no reliable, active secondary market for certain Alt Lending ABS, a

secondary market for these Alt Lending ABS may develop. If the Fund

purchases Alt Lending ABS on an alternative lending platform, the Fund

will have the right to receive principal and interest payments due on

loans underlying the Alt Lending ABS only if the platform servicing the

loans receives the borrower's payments on such loans and passes such

payments through to the Fund. If a borrower is unable or fails to make

payments on a loan for any reason, the Fund may be greatly limited in

its ability to recover any outstanding principal or interest due, as (among

other reasons) the Fund may not have direct recourse against the

borrower or may otherwise be limited in its ability to directly enforce its

rights under the loan, whether through the borrower or the platform

through which such loan was originated, the loan may be unsecured or

under-collateralized and/or it may be impracticable to commence a legal

proceeding against the defaulting borrower.

The Fund may have limited knowledge about the underlying loans and

is dependent upon the platform for information regarding underlying

loans. Although PIMCO may conduct diligence on the platforms, the

Fund generally does not have the ability to independently verify the

information provided by the platforms, other than payment information

regarding loans underlying the Alt Lending ABS owned by the Fund,

which the Fund observes directly as payments are received. With respect

to Alt Lending ABS that the Fund purchases in the secondary market

(i.e., not directly from an alternative lending platform), the Fund may not

perform the same level of diligence on such platform or at all. The Fund

may not review the particular characteristics of the loans collateralizing

an Alt Lending ABS, but rather negotiate in advance with platforms the

general criteria of the underlying loans. As a result, the Fund is

dependent on the platforms' ability to collect, verify and provide

information to the Fund about each loan and borrower.

The Fund relies on the borrower's credit information, which is provided

by the platforms. However, such information may be out of date,

incomplete or inaccurate and may, therefore, not accurately reflect the

borrower's actual creditworthiness. Platforms may not have an

obligation to update borrower information, and, therefore, the Fund

may not be aware of any impairment in a borrower's creditworthiness

subsequent to the making of a particular loan. The platforms' credit

decisions and scoring models may be based on algorithms that could

potentially contain programming or other errors or prove to be

ineffective or otherwise flawed. This could adversely affect loan pricing

data and approval processes and could cause loans to be mispriced or

misclassified, which could ultimately have a negative impact on the

Fund's performance.

In addition, the underlying loans, in some cases, may be affected by the

success of the platforms through which they are facilitated. Therefore,

disruptions in the businesses of such platforms may also negatively

impact the value of the Fund's investments. In addition, disruption in the

business of a platform could limit or eliminate the ability of the Fund to

invest in loans originated by that platform, and therefore the Fund could

lose some or all of the benefit of its diligence effort with respect to that

platform.

Platforms are for-profit businesses that, as a general matter, generate

revenue by collecting fees on funded loans from borrowers and by

assessing a loan servicing fee on investors, which may be a fixed annual

amount or a percentage of the loan or amounts collected. This business

could be disrupted in multiple ways; for example, a platform could file

for bankruptcy or a platform might suffer reputational harm from

negative publicity about the platform or alternative lending more

generally and the loss of investor confidence in the event that a loan

facilitated through the platform is not repaid and the investor loses

money on its investment. Many platforms and/or their affiliates have

incurred operating losses since their inception and may continue to

incur net losses in the future, particularly as their businesses grow and

they incur additional operating expenses.

Platforms may also be forced to defend legal action taken by regulators

or governmental bodies. Alternative lending is a newer industry

operating in an evolving legal environment. Platforms may be subject to

risk of litigation alleging violations of law and/or regulations, including,

for example, consumer protection laws, whether in the U.S. or in foreign

jurisdictions. Platforms may be unsuccessful in defending against such

lawsuits or other actions and, in addition to the costs incurred in

fighting any such actions, platforms may be required to pay money in

connection with the judgments, settlements or fines or may be forced to

modify the terms of its borrower loans, which could cause the platform

to realize a loss or receive a lower return on a loan than originally

anticipated. Platforms may also be parties to litigation or other legal

action in an attempt to protect or enforce their rights or those of

affiliates, including intellectual property rights, and may incur similar

costs in connection with any such efforts.

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The Fund's investments in Alt Lending ABS may expose the Fund to the

credit risk of the issuer. Generally, such instruments are unsecured

obligations of the issuer; an issuer that becomes subject to bankruptcy

proceedings may be unable to make full and timely payments on its

obligations to the Fund, even if the payments on the underlying loan or

loans continue to be made timely and in full. In addition, when the Fund

owns Alt Lending ABS, the Fund and its custodian generally do not have

a contractual relationship with, or personally identifiable information

regarding, individual borrowers, so the Fund will not be able to enforce

underlying loans directly against borrowers and may not be able to

appoint an alternative servicing agent in the event that a platform or

third-party servicer, as applicable, ceases to service the underlying loans.

Therefore, the Fund is more dependent on the platform for servicing

than if the Fund had owned whole loans through the platform. Where

such interests are secured, the Fund relies on the platform to perfect the

Fund's security interest. In addition, there may be a delay between the

time the Fund commits to purchase an instrument issued by a platform,

its affiliate or a special purpose entity sponsored by the platform or its

affiliate and the issuance of such instrument and, during such delay, the

funds committed to such an investment will not earn interest on the

investment nor will they be available for investment in other alternative

lending-related instruments, which will reduce the effective rate of

return on the investment. The Fund's investments in Alt Lending ABS

may be illiquid.

Liquidity Risk

To the extent consistent with the applicable liquidity requirements for

interval funds under Rule 23c-3 of the 1940 Act, the Fund may invest

without limit in illiquid investments. Liquidity risk exists when particular

investments are difficult to purchase or sell. Illiquid investments are

investments that the Fund reasonably expects cannot be sold or

disposed of in current market conditions in seven calendar days or less

without the sale or disposition significantly changing the market value

of the investment. Illiquid investments may become harder to value,

especially in changing markets. The Fund's investments in illiquid

investments may reduce the returns of the Fund because it may be

unable to sell the illiquid investments at an advantageous time or price

or possibly require the Fund to dispose of other investments at

unfavorable times or prices in order to satisfy its obligations, which

could prevent the Fund from taking advantage of other investment

opportunities. Illiquidity can be caused by, among other things, a drop in

overall market trading volume, an inability to find a willing buyer, or

legal restrictions on the securities' resale. Additionally, the market for

certain investments may become illiquid under adverse market or

economic conditions independent of any specific adverse changes in the

conditions of a particular issuer, such as during political events

(including periods of rapid interest rate changes). There can be no

assurance that an investment that is deemed to be liquid when

purchased will continue to be liquid while it is held by the Fund and/or

when the Fund wishes to dispose of it. Bond markets have consistently

grown over the past three decades while the capacity for traditional

dealer counterparties to engage in fixed income trading has not kept

pace and in some cases has decreased. As a result, dealer inventories of

corporate bonds, which provide a core indication of the ability of

financial intermediaries to "make markets," are at or near historic lows

in relation to market size. Because market makers seek to provide

stability to a market through their intermediary services, the significant

reduction in dealer inventories could potentially lead to decreased

liquidity and increased volatility in the fixed income markets. Such issues

may be exacerbated during periods of economic uncertainty. In such

cases, the Fund, due to regulatory limitations on investments in illiquid

investments and the difficulty in purchasing and selling such securities

or instruments, may be unable to achieve its desired level of exposure to

a certain sector. To the extent that the Fund's principal investment

strategies involve securities of companies with smaller market

capitalizations, foreign (non-U.S.) securities, Rule 144A securities,

illiquid sectors of fixed income securities, derivatives or securities with

substantial market and/or credit risk, the Fund will tend to have the

greatest exposure to liquidity risk.

Further, fixed income securities with longer durations until maturity face

heightened levels of liquidity risk as compared to fixed income securities

with shorter durations until maturity. The risks associated with illiquid

instruments may be particularly acute in situations in which the Fund's

operations require cash (such as in connection with repurchase offers)

and could result in the Fund borrowing to meet its short-term needs or

incurring losses on the sale of illiquid instruments. It may also be the

case that other market participants may be attempting to liquidate fixed

income holdings at the same time as the Fund, causing increased supply

in the market and contributing to liquidity risk and downward pricing

pressure.

To the extent the Fund invests in Alt Lending ABS, the Alt Lending ABS in

which the Fund invests are typically not listed on any securities

exchange and not registered under the Securities Act. In addition, the

Fund anticipates that these instruments may only be sold to a limited

number of investors and may have a limited or non-existent secondary

market. Accordingly, the Fund currently expects that certain of its

investments in Alt Lending ABS will face heightened levels of liquidity

risk. Although currently there is generally no active reliable, secondary

market for certain Alt Lending ABS, a secondary market for these

alternative lending-related instruments may develop.

Liquidity risk also refers to the risk that the Fund may be required to

hold additional cash or sell other investments in order to obtain cash to

close out derivatives or meet the liquidity demands that derivatives can

create to make payments of margin, collateral, or settlement payments

to counterparties. The Fund may have to sell a security at a

disadvantageous time or price to meet such obligations. The action(s) of

governments and regulators may have the effect of reducing market

liquidity, market resiliency and money supply.

"Covenant-Lite" Obligations Risk

Covenant-lite obligations contain fewer maintenance covenants than

other obligations, or no maintenance covenants, and may not include

terms that allow the lender to monitor the performance of the borrower

and declare a default if certain criteria are breached, which would allow

the lender to restructure the loan or take other action intended to help

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mitigate losses. Covenant-lite loans carry a risk that the borrower could

transfer or encumber its assets, which could reduce the amount of

assets that can be used to satisfy debts and result in losses for

debtholders. Covenant-lite loans may carry more risk than traditional

loans as they allow individuals and corporations to engage in activities

that would otherwise be difficult or impossible under a covenant-heavy

loan agreement. In the event of default, covenant-lite loans may exhibit

diminished recovery values as the lender may not have the opportunity

to negotiate with the borrower prior to default.

Reinvestment Risk

Income from the Fund's portfolio will decline if and when the Fund

invests the proceeds from matured, traded or called debt obligations at

market interest rates that are below the portfolio's current earnings

rate. For instance, during periods of declining interest rates, an issuer of

debt obligations may exercise an option to redeem securities prior to

maturity, forcing the Fund to invest in lower-yielding securities. The Fund

also may choose to sell higher yielding portfolio securities and to

purchase lower yielding securities to achieve greater portfolio

diversification, because the portfolio managers believe the current

holdings are overvalued or for other investment-related reasons. A

decline in income received by the Fund from its investments is likely to

have a negative effect on dividend levels and the market price, NAV

and/or overall return of the Common Shares.

Call Risk

Call risk refers to the possibility that an issuer may exercise its right to

redeem a fixed income security earlier than expected (a call). Issuers

may call outstanding securities prior to their maturity for a number of

reasons (e.g., declining interest rates, changes in credit spreads and

improvements in the issuer's credit quality). If an issuer calls a security in

which the Fund has invested, the Fund may not recoup the full amount

of its initial investment or may not realize the full anticipated earnings

from the investment and may be forced to reinvest in lower-yielding

securities, securities with greater credit risks or securities with other, less

favorable features.

Real Estate Risk

To the extent that the Fund invests directly or indirectly in real estate

investments, including investments in equity or debt securities issued by

private and public REITs, real estate operating companies ("REOCs"),

private or public real estate-related loans and real estate-linked

derivative instruments and pooled investment vehicles (including

registered investment companies and private funds or other pooled

investment vehicles that would qualify as "investment companies"

under the 1940 Act but for an applicable exemption or exclusion) that

invest in real estate companies, it will be subject to the risks associated

with owning real estate and with the real estate industry generally.

These investments carry increased risks, which include, but are not

limited to: the burdens of ownership of real property; general and local

economic conditions (such as an oversupply of space or a reduction in

demand for space); fluctuations in the supply and demand for properties

(including competition based on rental rates); energy and supply

shortages; fluctuations in average occupancy and room rates; the

attractiveness, type and location of the properties and changes in the

relative popularity of commercial properties as an investment; the

financial condition and resources of tenants, buyers and sellers of

properties; increased mortgage defaults; the quality of maintenance,

insurance and management services; changes in the availability of debt

financing which may render the sale or refinancing of properties difficult

or impracticable; changes in building, environmental and other laws

and/or regulations (including those governing usage and

improvements), fiscal policies and zoning laws; changes in real property

tax rates; changes in interest rates and the availability of mortgage

funds which may render the sale or refinancing of properties difficult or

impracticable; changes in operating costs and expenses; energy and

supply shortages; uninsured losses or delays from casualties or

condemnation; negative developments in the economy that depress

travel or leasing activity; environmental liabilities; contingent liabilities

on disposition of assets; uninsured or uninsurable casualties; acts of

God, including earthquakes, hurricanes and other natural disasters;

social unrest and civil disturbances, epidemics, pandemics or other

public crises; terrorist attacks and war; risks and operating problems

arising out of the presence of certain construction materials, structural

or property level latent defects, work stoppages, shortages of labor,

strikes, union relations and contracts, fluctuating prices and supply of

labor and/or other labor-related factor; and other factors which are

beyond the control of PIMCO and its affiliates. In addition, the Fund's

investments will be subject to various risks which could cause

fluctuations in occupancy, rental rates, operating income and expenses

or which could render the sale or financing of its properties difficult or

unattractive. For example, following the termination or expiration of a

tenant's lease, there may be a period of time before receiving rental

payments under a replacement lease. During that period, the Fund

would continue to bear fixed expenses such as interest, real estate

taxes, maintenance and other operating expenses. In addition, declining

economic conditions may impair the ability to attract replacement

tenants and achieve rental rates equal to or greater than the rents paid

under previous leases. Increased competition for tenants may require

capital improvements to properties which would not have otherwise

been planned.

Ultimately, to the extent it is not possible to renew leases or re-let space

as leases expire, decreased cash flow from tenants will result, which

could adversely impact the Fund's operating results.

Real estate values have historically been cyclical. As the general

economy grows, demand for real estate increases and occupancies and

rents may increase. As occupancies and rents increase, property values

increase, and new development occurs. As development may occur,

occupancies, rents and property values may decline. Because leases are

usually entered into for long periods and development activities often

require extended times to complete, the real estate value cycle often

lags the general business cycle. Because of this cycle, real estate

companies may incur large swings in their profits and the prices of their

securities. Developments following the onset of COVID-19 have

adversely impacted certain commercial real estate markets, causing the

deferral of mortgage payments, renegotiated commercial mortgage

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loans, commercial real estate vacancies or outright mortgage defaults.

These developments accelerated of macro trends such as work from

home and online shopping which have negatively impacted (and may

continue to negatively impact) certain industries, such as

brick-and-mortar retail.

The total returns available from investments in real estate generally

depend on the amount of income and capital appreciation generated by

the related properties. The performance of real estate, and thereby the

Fund, will be reduced by any related expenses, such as expenses paid

directly at the property level and other expenses that are capitalized or

otherwise embedded into the cost basis of the real estate.

Separately, certain service providers to the Fund and/or its subsidiaries,

as applicable, with respect to its real estate or real estate-related

investments may be owned by, employed by, or otherwise related to,

PIMCO, Allianz SE, their affiliates and/or their respective employees,

consultants and other personnel. PIMCO may, in its sole discretion,

determine to provide, or engage or recommend an affiliate of PIMCO to

provide, certain services to the Fund, instead of engaging or

recommending one or more third parties to provide such services.

Subject to the governance requirements of a particular fund and

applicable law, PIMCO or its affiliates, as applicable, will receive

compensation in connection with the provision of such services. As a

result, PIMCO faces a conflict of interest when selecting or

recommending service providers for the Fund. Fees paid to an affiliated

service provider will be determined in PIMCO's commercially reasonable

discretion. Although PIMCO has adopted various policies and

procedures intended to mitigate or otherwise manage conflicts of

interest with respect to affiliated service providers, there can be no

guarantee that such policies and procedures (which may be modified or

terminated at any time in PIMCO's sole discretion) will be successful.

U.S. Government Securities Risk

Certain U.S. government securities, such as U.S. Treasury bills, notes and

bonds, and mortgage-related securities guaranteed by the Government

National Mortgage Association ("GNMA"), are supported by the full

faith and credit of the United States; others, such as those of Federal

Home Loan Banks ("FHLBs") or the Federal Home Loan Mortgage

Corporation ("FHLMC"), are supported by the right of the issuer to

borrow from the U.S. Treasury; others, such as those of the Federal

National Mortgage Association ("FNMA"), are supported by the

discretionary authority of the U.S. government to purchase the agency's

obligations; and still others are supported only by the credit of the

agency, instrumentality or corporation. U.S. government securities are

subject to market risk, interest rate risk and credit risk. Although

legislation has been enacted to support certain government sponsored

entities, including the FHLBs, FHLMC and FNMA, there is no assurance

that the obligations of such entities will be satisfied in full, or that such

obligations will not decrease in value or default. It is difficult, if not

impossible, to predict the future political, regulatory or economic

changes that could impact the government sponsored entities and the

values of their related securities or obligations. In addition, certain

governmental entities, including FNMA and FHLMC, have been subject

to regulatory scrutiny regarding their accounting policies and practices

and other concerns that may result in legislation, changes in regulatory

oversight and/or other consequences that could adversely affect the

credit quality, availability or investment character of securities issued by

these entities.

Yields available from U.S. government debt securities are generally

lower than the yields available from such other securities. The values of

U.S. government securities change as interest rates fluctuate.

Periodically, uncertainty regarding the status of negotiations in the

U.S. government to increase the statutory debt ceiling could increase the

risk that the U.S. government may default on payments on certain

U.S. government securities, cause the credit rating of the

U.S. government to be downgraded, increase volatility in the stock and

bond markets, result in higher interest rates, reduce prices of

U.S. Treasury and other securities, and/or increase the costs of various

kinds of debt. If a government-sponsored entity is negatively impacted

by legislative or regulatory action (or lack thereof), is unable to meet its

obligations, or its creditworthiness declines, the performance of a fund

that holds securities of the entity will be adversely impacted.

Convertible Securities Risk

Convertible securities are fixed income securities, preferred securities or

other securities that are convertible into or exercisable for common

stock of the issuer (or cash or securities of equivalent value) at either a

stated price or a stated rate. Convertible debt securities pay interest and

convertible preferred stocks pay dividends until they mature or are

converted, exchanged or redeemed. The market values of convertible

securities may decline as interest rates increase and, conversely, may

increase as interest rates decline. A convertible security's market value,

however, tends to reflect the market price of the common stock of the

issuing company when that stock price approaches or is greater than

the convertible security's "conversion price." The conversion price is

defined as the predetermined price at which the convertible security

could be exchanged for the associated stock. Certain types of

convertible securities may decline in value or lose their value entirely in

the event the issuer's financial condition becomes significantly impaired.

As the market price of the underlying common stock declines, the price

of the convertible security tends to be influenced more by the yield of

the convertible security. Thus, it may not decline in price to the same

extent as the underlying common stock. In the event of a liquidation of

the issuing company, holders of convertible securities may be paid

before the company's common stockholders but after holders of any

senior debt obligations of the company. Consequently, the issuer's

convertible securities generally entail less risk than its common stock

but more risk than its other debt obligations. Convertible securities are

often rated below investment grade or not rated.

Contingent Convertible Securities Risk

Contingent convertible securities ("CoCos") have no stated maturity,

have fully discretionary coupons and are typically issued in the form of

subordinated debt instruments. CoCos generally either convert into

equity or have their principal written down (including potentially to

zero) upon the occurrence of certain triggering events ("triggers")

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linked to regulatory capital thresholds or regulatory actions relating to

the issuer's continued viability. As a result, an investment by the Fund in

CoCos is subject to the risk that coupon (i.e., interest) payments may be

cancelled by the issuer or a regulatory authority in order to help the

issuer absorb losses and the risk of total loss. If such an event occurs, an

investor may not have any rights to repayment of the principal amount

of the securities. Additionally, an investor may not be able to collect

interest payments or dividends on such securities. An investment by the

Fund in CoCos is also subject to the risk that, in the event of the

liquidation, dissolution or winding-up of an issuer prior to a trigger

event, the Fund's rights and claims will generally rank junior to the

claims of holders of the issuer's other debt obligations and CoCos may

also be treated as junior to an issuer's other obligations and securities.

In addition, if CoCos held by the Fund are converted into the issuer's

underlying equity securities following a trigger event, the Fund's holding

may be further subordinated due to the conversion from a debt to

equity instrument. Further, the value of an investment in CoCos is

unpredictable and will be influenced by many factors and risks,

including interest rate risk, credit risk, market risk and liquidity risk. An

investment by the Fund in CoCos may result in losses to the Fund.

Valuation Risk

Certain securities in which the Fund invests may be less liquid and more

difficult to value than other types of securities. Investments for which

market quotations are not readily available are valued at fair value as

determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair

value pricing may require subjective determinations about the value of a

security or other asset. As a result, there can be no assurance that fair

value pricing will result in adjustments to the prices of securities or other

assets or that fair value pricing will reflect actual market value, and it is

possible that the fair value determined for a security or other asset will

be materially different from quoted or published prices, from the prices

used by others for the same security or other asset and/or from the

value that actually could be or is realized upon the sale of that security

or other asset.

Leverage Risk

The Fund's use of leverage, if any, creates the opportunity for increased

Common Share net income, but also creates special risks for Common

Shareholders (including an increased risk of loss). To the extent used,

there is no assurance that the Fund's leveraging strategies will be

successful. Leverage is a speculative technique that may expose the

Fund to greater risk and increased costs. The Fund's assets attributable

to leverage, if any, will be invested in accordance with the Fund's

investment objective and policies. Interest expense payable by the Fund

with respect to derivatives and other forms of leverage, and dividends

payable with respect to preferred shares outstanding, if any, will

generally be based on shorter-term interest rates that would be

periodically reset. So long as the Fund's portfolio investments provide a

higher rate of return (net of applicable Fund expenses) than the interest

expenses and other costs to the Fund of such leverage, the investment

of the proceeds thereof will generate more income than will be needed

to pay the costs of the leverage. If so, and all other things being equal,

the excess may be used to pay higher dividends to Common

Shareholders than if the Fund were not so leveraged. There can be no

assurance these circumstances will occur. If, however, shorter-term

interest rates rise relative to the rate of return on the Fund's portfolio,

the interest and other costs to the Fund of leverage could exceed the

rate of return on the debt obligations and other investments held by the

Fund, thereby reducing return to Common Shareholders. When the Fund

reduces or discontinues its use of leverage ("deleveraging"), it may be

required to sell portfolio securities at inopportune times to repay

leverage obligations, which could result in realized losses and a

decrease in the Fund's net asset value. Deleveraging involves complex

operational processes, including the coordination of asset sales,

repayment of debt, and potential restructuring of the Fund's capital and

may involve significant costs, including transaction costs associated with

the sale of portfolio securities, prepayment penalties on borrowed

funds, and, if applicable, fees related to the redemption of preferred

shares. Leveraging transactions pursued by the Fund may increase its

duration and sensitivity to interest rate changes and other market risks.

The Fund may continue to use leverage even if available financing rates

are higher than anticipated returns, including, for example, in cases

where deleveraging, including any expenses related thereto, might be

viewed as detrimental to the Fund's portfolio. In addition, fees and

expenses of any form of leverage used by the Fund will be borne entirely

by the Common Shareholders (and not by preferred shareholders, if any)

and will reduce the investment return of the Common Shares. Therefore,

there can be no assurance that the Fund's use of leverage will result in a

higher yield on the Common Shares, and it may result in losses. In

addition, any preferred shares issued by the Fund are expected to pay

cumulative dividends, which may tend to increase leverage risk.

Leverage creates several major types of risks for Common Shareholders,

including:

■

the likelihood of greater volatility of NAV and market price of

Common Shares, and of the investment return to Common

Shareholders, than a comparable portfolio without leverage;

■

the possibility either that Common Share dividends will fall if the

interest and other costs of leverage rise, or that dividends paid on

Common Shares will fluctuate because such costs vary over time;

and

■

the effects of leverage in a declining market or a rising interest

rate environment, as leverage is likely to cause a greater decline in

the NAV of the Common Shares than if the Fund were not

leveraged.

In addition, the counterparties to the Fund's leveraging transactions and

any preferred shareholders of the Fund will have priority of payment

over the Fund's Common Shareholders.

Reverse repurchase agreements involve the risks that the interest

income earned on the investment of the proceeds will be less than the

interest expense and Fund expenses associated with the repurchase

agreement, that the market value of the securities sold by the Fund may

decline below the price at which the Fund is obligated to repurchase

such securities and that the securities may not be returned to the Fund.

There is no assurance that reverse repurchase agreements can be

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successfully employed. Dollar roll/buyback transactions involve the risk

that the market value of the securities the Fund is required to purchase

may decline below the agreed upon repurchase price of those securities.

Successful use of dollar rolls/buybacks may depend upon the Investment

Manager's ability to correctly predict interest rates and prepayments.

There is no assurance that dollar rolls/buybacks can be successfully

employed. In connection with reverse repurchase agreements and dollar

rolls/buybacks, the Fund will also be subject to counterparty risk with

respect to the purchaser of the securities. If the broker/dealer to whom

the Fund sells securities becomes insolvent, the Fund's right to purchase

or repurchase securities may be restricted.

The Fund may engage in total return swaps, reverse repurchases, loans

of portfolio securities, short sales and when-issued, delayed delivery and

forward commitment transactions, credit default swaps, basis swaps

and other swap agreements, purchases or sales of futures and forward

contracts (including foreign currency exchange contracts), call and put

options or other derivatives. The Fund's use of such transactions gives

rise to associated leverage risks described above, and may adversely

affect the Fund's income, distributions and total returns to Common

Shareholders. To the extent that any offsetting positions do not behave

in relation to one another as expected, the Fund may perform as if it is

leveraged through use of these derivative strategies.

Any total return swaps, reverse repurchases, loans of portfolio securities,

short sales and when-issued, delayed delivery and forward commitment

transactions, credit default swaps, basis swaps and other swap

agreements, purchases or sales of futures and forward contracts

(including foreign currency exchange contracts), call and put options or

other derivatives by the Fund or counterparties to the Fund's other

leveraging transactions, if any, would have seniority over the Fund's

Common Shares.

Because the fees received by the Investment Manager may increase

depending on the types of leverage utilized by the Fund, the Investment

Manager has a financial incentive for the Fund to use certain forms of

leverage, which may create a conflict of interest between the Investment

Manager, on the one hand, and the Common Shareholders, on the other

hand.

To the extent that any Subsidiary of the Fund directly incurs leverage in

the form of debt or preferred shares, the amount of such leverage used

by the Fund and such Subsidiaries will be consolidated and treated as

senior securities for purposes of complying with the 1940 Act's

limitations on leverage by the Fund.

Focused Investment Risk

To the extent that the Fund focuses its investments in a particular sector,

it may be susceptible to loss due to adverse developments affecting that

sector, including (but not limited to): governmental regulation; inflation;

rising interest rates; cost increases in raw materials, fuel and other

operating expenses; technological innovations that may render existing

products and equipment obsolete; competition from new entrants; high

research and development costs; increased costs associated with

compliance with environmental or other governmental regulations; and

other economic, business or political developments specific to that

sector. Furthermore, the Fund may invest a substantial portion of its

assets in companies in related sectors that may share common

characteristics, are often subject to similar business risks and regulatory

burdens, and whose securities may react similarly to the types of

developments described above, which will subject the Fund to greater

risk. The Fund also will be subject to focused investment risk to the

extent that it invests a substantial portion of its assets in a particular

issuer, market, asset class, country or geographic region.

Equity Risk

Equity securities represent an ownership interest, or the right to acquire

an ownership interest, in an issuer. Equity securities also include, among

other things, common stocks, preferred securities, convertible stocks and

warrants. The values of equity securities, such as common stocks and

preferred securities, may decline due to general market conditions that

are not specifically related to a particular company, such as real or

perceived adverse economic conditions, changes in the general outlook

for corporate earnings, changes in inflation, interest or currency rates,

financial system instability or adverse investor sentiment generally. They

may also decline due to factors that affect a particular industry or

industries, such as regulatory changes, labor shortages or increased

production costs and competitive conditions within an

industry.Conversely, a change in financial condition or other event

affecting a single issuer or industry may adversely impact securities

markets as a whole. Equity securities generally have greater price

volatility than most fixed income securities. These risks are generally

magnified in the case of equity investments in distressed companies.

Other Pooled Investment Vehicles Risk

Subject to applicable limits under the 1940 Act, the Fund may invest in

other pooled investment vehicles, including investment companies,

private funds or other pooled investment vehicles that would qualify as

"investment companies" under the 1940 Act but for an applicable

exemption or exclusion, including but not limited to Sections 3(c)(1) or

3(c)(7) of the 1940 Act ("Private Funds"). When investing in an

investment company, the Fund will generally bear its ratable share of

that investment company's expenses and would remain subject to

payment of the Fund's investment management fees and other

expenses with respect to assets so invested. Common Shareholders

would therefore be subject to duplicative expenses to the extent the

Fund invests in other investment companies. In addition, other

investment companies may utilize leverage, in which case an investment

would subject the Fund to additional risks associated with leverage. Due

to its own financial interest or other business considerations, the

Investment Manager may choose to invest a portion of the Fund's assets

in investment companies sponsored or managed by the Investment

Manager or its related parties in lieu of investments by the Fund directly

in portfolio securities, or may choose to invest in such investment

companies over investment companies sponsored or managed by

others. Participation in a cash sweep program where the Fund's

uninvested cash balance is used to purchase shares of affiliated or

unaffiliated money market funds or cash management pooled

investment vehicles at the end of each day subjects the Fund to the risks

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associated with the underlying money market funds or cash

management pooled investment vehicles, including liquidity risk.

Applicable law may limit the Fund's ability to invest in other investment

companies.

To the extent the Fund invests through one or more Private Funds, the

Fund would be exposed to the risks associated with such Private Fund's

investments. The Fund's investments in Private Funds would not be

subject to the protections afforded to shareholders under the 1940 Act.

These protections include, among others, certain corporate governance

standards, such as the requirement of having a certain percentage of

the directors serving on a board as independent directors, statutory

protections against self-dealing by Private Fund managers, and leverage

limitations. By investing in Private Funds indirectly through the Fund, a

shareholder would bear two layers of asset-based fees and expenses –

at the Fund level and the Private Fund level – in addition to indirectly

bearing any performance fees charged by the Private Fund.

Derivatives Risk

The Fund may, but is not required to, utilize a variety of derivative

instruments (both long and short positions) for investment or risk

management purposes. Additionally, the Fund may invest in futures and

other derivatives that provide equity exposures, including for

equitization and hedging purposes, using derivatives that provide

exposure that is not identical to the instruments or markets in which the

Fund seeks to invest 80% of its assets. Derivatives or other similar

instruments (referred to collectively as "derivatives") are financial

contracts whose value depends on, or is derived from, the value of an

underlying asset, reference rate or index. For example, the Fund may use

derivative instruments for purposes of increasing liquidity, providing

efficient portfolio management, broadening investment opportunities

(including taking short or negative positions), implementing a tax or

cash management strategy, gaining exposure to a particular security or

segment of the market, modifying the effective duration of the Fund's

portfolio investments and/or enhancing total return. Investments in

derivatives may take the form of buying and/or writing (selling)

derivatives, and/or the Fund may otherwise become an obligor under a

derivatives transaction. These transactions may produce short-term

capital gains in the form of premiums or other returns for the Fund

(which may support, constitute and/or increase the distributions paid by,

or the yield of, the Fund) but create the risk of losses that can

significantly exceed such current income or other returns. For example,

the premium received for writing a call option may be dwarfed by the

losses the Fund may incur if the call option is exercised, and derivative

transactions where the Fund is an obligor can produce an up-front

benefit, but the potential for leveraged losses. The distributions, or

distribution rates, paid by the Fund should not be viewed as the total

returns or overall performance of the Fund. These strategies may also

produce adverse tax consequences (for example, the Fund's income and

gain-generating strategies may generate current income and gains,

including short-term capital gains, taxable as ordinary income) and limit

the Fund's opportunity to profit or otherwise benefit from certain gains.

The Fund may enter into opposing derivative transactions, or otherwise

take opposing positions. Such transactions can generate distributable

gains (which, as noted elsewhere, may be taxed as ordinary income) and

create the risk of losses and NAV declines.

The Fund may engage in investment strategies, including the use of

derivatives, to, among other things, generate current, distributable

income, even if such strategies could potentially result in declines in the

Fund's net asset value. The Fund's income and gain-generating

strategies, including certain derivatives strategies, may generate current

income and gains, including short-term capital gains, taxable as

ordinary income sufficient to support distributions, even in situations

when the Fund has experienced a decline in net assets due to, for

example, adverse changes in the broad U.S. or non-U.S. securities

markets or the Fund's portfolio of investments, or arising from its use of

derivatives. Consequently, Fund shareholders may receive distributions

subject to tax at ordinary income rates at a time when their investment

in the Fund has declined in value, which may be economically similar to

a taxable return of capital.

The use of derivatives involves risks different from, and possibly greater

than, the risks associated with investing directly in securities and other

traditional investments. Derivatives which may increase market

exposure, are subject to a number of risks, including leverage risk,

liquidity risk (which may be heightened for highly-customized

derivatives), interest rate risk, market risk, counterparty (including credit)

risk, operational risk (such as documentation issues, settlement issues

and systems failures), legal risk (such as insufficient documentation,

insufficient capacity or authority of a counterparty, and issues with the

legality or enforceability of a contract), management risk, risks arising

from changes in applicable regulatory requirements, risks arising from

margin requirements and risks arising from mispricing or valuation

complexity (including the risk of improper valuation), governmental risk,

as well as the risks associated with the underlying asset, reference rate

or index, or risk associated with sanctions. They also involve the risk that

changes in the value of a derivative instrument may not correlate

perfectly with the underlying asset, rate or index. By investing in a

derivative instrument, the Fund could lose more than the initial amount

invested, and derivatives may increase the volatility of the Fund,

especially in unusual or extreme market conditions. In addition, the use

of derivatives may cause the Fund's investment returns to be impacted

by the performance of assets the Fund does not own, potentially

resulting in the Fund's total investment exposure exceeding the value of

its portfolio. Certain derivatives have the potential for unlimited loss,

regardless of the size of the initial investment. The Fund may utilize

asset segregation and posting of collateral for risk management or

other purposes. The Fund may be required to hold additional cash or sell

other investments in order to obtain cash to close out a position and

changes in the value of a derivative may also create margin delivery or

settlement payment obligations for the Fund. Also, suitable derivative

transactions may not be available in all circumstances and there can be

no assurance that the Fund will engage in these transactions to reduce

exposure to other risks when that would be beneficial or that, if used,

such strategies will be successful. The Fund's use of derivatives may

increase or accelerate the amount of taxes payable by Common

Shareholders.

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Non-centrally-cleared Over-the-counter ("OTC") derivatives are also

subject to the risk that a counterparty to the transaction will not fulfill

its contractual obligations to the other party, as many of the protections

afforded to centrally-cleared derivative transactions might not be

available for non-centrally-cleared OTC derivatives. The primary credit

risk on derivatives that are exchange-traded or traded through a central

clearing counterparty resides with the Fund's clearing broker, or the

clearinghouse.

Participation in the markets for derivative instruments involves

investment risks and transaction costs to which the Fund may not be

subject absent the use of these strategies. The skills needed to

successfully execute derivative strategies may be different from those

needed for other types of transactions. If the Fund incorrectly forecasts

the value and/or creditworthiness of securities, currencies, interest rates,

counterparties or other economic factors involved in a derivative

transaction, the Fund might have been in a better position if the Fund

had not entered into such derivative transaction. In evaluating the risks

and contractual obligations associated with particular derivative

instruments or other similar investments, it is important to consider that

certain derivative transactions, absent a default or termination event,

may only be modified or terminated by mutual consent of the Fund and

its counterparty.

It may not be possible for the Fund to modify, terminate, or offset the

Fund's obligations or the Fund's exposure to the risks associated with a

derivative transaction prior to its scheduled termination or maturity

date, which may create a possibility of increased volatility and/or

decreased liquidity to the Fund. Hedges are sometimes subject to

imperfect matching between the derivative and the underlying

instrument, and there can be no assurance that the Fund's hedging

transactions will be effective. Derivatives used for hedging or risk

management may not operate as intended and may expose the Fund to

additional risks. In such case, the Fund may experience losses.

Because the markets for certain derivative instruments (including

markets located in foreign countries) are relatively new and still

developing, appropriate derivative transactions may not be available in

all circumstances for risk management or other purposes. Upon the

expiration of a particular contract, the Fund may wish to retain the

Fund's position in the derivative instrument by entering into a similar

contract but may be unable to do so if the counterparty to the original

contract is unwilling to enter into the new contract and no other

appropriate counterparty can be found. When such markets are

unavailable, the Fund will be subject to increased liquidity and

investment risk.

The Fund may enter into opposite sides of interest rate swap and other

derivatives for the principal purpose of generating distributable gains on

the one side (characterized as ordinary income for tax purposes) that

are not part of the Fund's duration or yield curve management

strategies ("paired swap transactions"), and with a substantial

possibility that the Fund will experience a corresponding capital loss

and decline in NAV with respect to the opposite side transaction (to the

extent it does not have corresponding offsetting capital gains).

Consequently, Common Shareholders may receive distributions and owe

tax on amounts that are effectively a taxable return of the shareholder's

investment in the Fund, at a time when their investment in the Fund has

declined in value, which tax may be at ordinary income rates. In

addition, the Fund's use of derivatives may cause the Fund to realize

higher amounts of short-term capital gains (generally taxed at ordinary

income tax rates), potentially subjecting shareholders of the Fund to

adverse tax consequences. The tax treatment of certain derivatives in

which the Fund invests may be unclear and thus subject to

recharacterization. Any recharacterization of payments made or received

by the Fund pursuant to derivatives potentially could affect the amount,

timing or character of Fund distributions. In addition, the tax treatment

of such investment strategies may be changed by regulation or

otherwise.

When a derivative is used as a hedge against a position that the Fund

holds, any loss generated by the derivative generally should be

substantially offset by gains on the hedged investment, and vice versa.

Although hedging can reduce or eliminate losses, it can also reduce or

eliminate gains. Hedges are sometimes subject to imperfect matching

between the derivative and the underlying instrument, and there can be

no assurance that the Fund's hedging transactions will be effective.

Derivatives used for hedging or risk management may not operate as

intended or may expose the Fund to additional risks. In addition,

derivatives used for hedging may partially protect the Fund from the

risks they were intended to hedge yet not fully mitigate the impact of

such risks. The regulation of the derivatives markets has increased over

time, and additional future regulation of the derivatives markets may

make derivatives more costly, may limit the availability or reduce the

liquidity of derivatives, or may otherwise adversely affect the value or

performance of derivatives. Any such adverse future developments could

impair the effectiveness or raise the costs of the Fund's derivative

transactions, impede the employment of the Fund's derivatives

strategies, or adversely affect the Fund's performance and cause the

Fund to lose value.

Credit Default Swaps Risk

Credit default swap agreements may involve greater risks than if the

Fund had invested in the reference obligation directly since, in addition

to general market risks, credit default swaps are subject to leverage risk,

illiquidity risk, counterparty risk and credit risk. A buyer generally also

will lose its investment and recover nothing should no credit event occur

and the swap is held to its termination date. If a credit event were to

occur, the value of any deliverable obligation received by the seller (if

any), coupled with the upfront or periodic payments previously received,

may be less than the full notional value it pays to the buyer, resulting in

a loss of value to the seller. When the Fund acts as a seller of a credit

default swap, it is exposed to many of the same risks of leverage

described herein. As the seller, the Fund would receive a stream of

payments over the term of the swap agreement provided that no event

of default has occurred with respect to the referenced debt obligation

upon which the swap is based. The Fund would effectively add leverage

to its portfolio because, if a default occurs, the stream of payments may

stop and, in addition to its total net assets, the Fund would be subject to

investment exposure on the notional amount of the swap.

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Although the Fund may seek to realize gains by selling credit default

swaps that increase in value, to realize gains on selling credit default

swaps, an active secondary market for such instruments must exist or

the Fund must otherwise be able to close out these transactions at

advantageous times. In addition to the risk of losses described above, if

no such secondary market exists or the Fund is otherwise unable to

close out these transactions at advantageous times, selling credit

default swaps may not be profitable for the Fund.

The market for credit default swaps has become more volatile as the

creditworthiness of certain counterparties has been questioned and/or

downgraded. The Fund will be subject to credit risk with respect to the

counterparties to the credit default swap contract (whether a clearing

corporation or another third party). If a counterparty's credit becomes

significantly impaired, multiple requests for collateral posting in a short

period of time could increase the risk that the Fund may not receive

adequate collateral. The Fund may exit its obligations under a credit

default swap only by terminating the contract and paying applicable

breakage fees, or by entering into an offsetting credit default swap

position, which may cause the Fund to incur more losses.

Structured Investments Risk

Holders of structured products, including, structured notes, credit-linked

notes and other types of structured products, bear the risks of the

underlying investments, index or reference obligation and are subject to

counterparty risk. The Fund may have the right to receive payments only

from the structured product, and generally does not have direct rights

against the issuer or the entity that sold the assets to be securitized.

While certain structured products enable the investor to acquire

interests in a pool of securities without the brokerage and other

expenses associated with directly holding the same securities, investors

in structured products generally pay their share of the structured

product's administrative and other expenses. Although it is difficult to

predict whether the prices of indexes and securities underlying

structured products will rise or fall, these prices (and, therefore, the

prices of structured products) are generally influenced by the same types

of political and economic events that affect issuers of securities and

capital markets generally. If the issuer of a structured product uses

shorter term financing to purchase longer term securities, the issuer may

be forced to sell its securities at below market prices if it experiences

difficulty in obtaining such financing, which may adversely affect the

value of the structured products owned by the Fund. Structured

products generally entail risks associated with derivative

instruments. See "Principal Risks of the Fund – Derivatives Risk".

Counterparty Risk

The Fund will be subject to credit risk with respect to the counterparties

to the derivative contracts and other instruments entered into by the

Fund or held by special purpose or structured vehicles in which the Fund

invests. For example, if a bank at which the Fund or issuer has an

account fails, any cash or other assets in bank or custody accounts,

which may be substantial in size, could be temporarily inaccessible or

permanently lost by the Fund or issuer. In the event that the Fund enters

into a derivative transaction with a counterparty that subsequently

becomes insolvent or becomes the subject of a bankruptcy case, the

derivative transaction may be terminated in accordance with its terms

and the Fund's ability to realize its rights under the derivative

instrument and its ability to distribute the proceeds could be adversely

affected. If a counterparty becomes bankrupt or otherwise fails to

perform its obligations under a derivative contract due to financial

difficulties, the Fund may experience significant delays in obtaining any

recovery (including recovery of any collateral it has provided to the

counterparty) in a dissolution, assignment for the benefit of creditors,

liquidation, winding-up, bankruptcy, or other analogous proceeding. In

addition, in the event of the insolvency of a counterparty to a derivative

transaction, the derivative transaction would typically be terminated at

its fair market value. If the Fund is owed this fair market value in the

termination of the derivative transaction and its claim is unsecured, the

Fund will be treated as a general creditor of such counterparty, and will

not have any claim with respect to any underlying security or asset. The

Fund may obtain only a limited recovery or may obtain no recovery in

such circumstances. Counterparty credit risk also includes the related

risk of having concentrated exposure to a single counterparty, which

may increase potential losses if the counterparty were to become

insolvent. While the Fund may seek to manage its counterparty risk by

transacting with a number of counterparties, concerns about the

solvency of, or a default by, one large market participant could lead to

significant impairment of liquidity and other adverse consequences for

other counterparties.

Confidential Information Access Risk

In managing the Fund (and other PIMCO clients), PIMCO may from time

to time have the opportunity to receive material, non-public information

("Confidential Information") about the issuers of certain investments,

including, without limitation, senior floating rate loans, other loans and

related investments being considered for acquisition by the Fund or held

in the Fund's portfolio. For example, an issuer of privately placed loans

considered by the Fund may offer to provide PIMCO with financial

information and related documentation regarding the issuer that is not

publicly available. Pursuant to applicable policies and procedures,

PIMCO may (but is not required to) seek to avoid receipt of Confidential

Information issuer so as to avoid possible restrictions on its ability to

purchase and sell investments on behalf of the Fund and other clients to

which such Confidential Information relates. In such circumstances, the

Fund (and other PIMCO clients) may be disadvantaged in comparison to

other investors, including with respect to the price the Fund pays or

receives when it buys or sells an investment. Further, PIMCO's and the

Fund's abilities to assess the desirability of proposed consents, waivers

or amendments with respect to certain investments may be

compromised if they are not privy to available Confidential Information.

PIMCO may also determine to receive such Confidential Information in

certain circumstances under its applicable policies and procedures. If

PIMCO intentionally or unintentionally comes into possession of

Confidential Information, it may be unable, potentially for a substantial

period of time, to purchase or sell investments to which such

Confidential Information relates.

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Private Placements Risk

A private placement involves the sale of securities that have not been

registered under the Securities Act, or relevant provisions of applicable

non-U.S. law, to certain institutional and qualified individual purchasers,

such as the Fund. In addition to the general risks to which all securities

are subject, securities received in a private placement generally are

subject to strict restrictions on resale, and there may be no liquid

secondary market or ready purchaser for such securities. See "Principal

Risks of the Fund—Liquidity Risk." Therefore, the Fund may be unable

to dispose of such securities when it desires to do so, or at the most

favorable time or price. Private placements may also raise valuation

risks. See "Principal Risks of the Fund—Valuation Risk."

Inflation/Deflation Risk

Inflation risk is the risk that the value of assets or income from the

Fund's investments will be worth less in the future as inflation decreases

the value of payments at future dates. As inflation increases, the real

value of the Fund's portfolio could decline. Inflation rates may change

frequently and significantly as a result of various factors, including

unexpected shifts in the domestic or global economy or changes in fiscal

or monetary policies. Deflation risk is the risk that prices throughout the

economy decline over time. Deflation may have an adverse effect on the

creditworthiness of issuers and may make issuer default more likely,

which may result in a decline in the value of the Fund's portfolio and

Common Shares.

Insurance-Linked and Other Instruments Risk

The Fund may invest in insurance-linked instruments and similar

investments (which may include, for example, exposure to reinsurance

contracts (through sidecars or otherwise), event-linked bonds, such as

catastrophe and resilience bonds, and securities relating to life

insurance policies, annuity contracts and premium finance loans). The

Fund could lose a portion or all of the principal it has invested in these

types of investments, and the right to additional interest and/or dividend

payments with respect to the investments, upon the occurrence of one

or more trigger events, as defined within the terms of an investment.

Trigger events may include natural or other perils of a specific size or

magnitude that occur in a designated geographic region during a

specified time period, and/or that involve losses or other metrics that

exceed a specific amount. The Fund may also invest in insurance-linked

instruments that are subject to "indemnity triggers." An indemnity

trigger is a mechanism where the payout to the investor is based on the

actual losses incurred by the insurer and come into play when losses

from a specified event exceed a designated level. Insurance-linked

instruments subject to indemnity triggers are often regarded as being

subject to potential moral hazard, since such insurance-linked

investments are triggered by actual losses of the ceding sponsor and the

ceding sponsor may have an incentive to take actions and/or risks that

would have an adverse effect on the Fund. There is no way to accurately

predict whether a trigger event will occur and, accordingly,

insurance-linked instruments and similar investments carry significant

risk. In addition to the specified trigger events, these types of

investments may expose the Fund to other risks, including but not

limited to issuer (credit) default, adverse regulatory or jurisdictional

interpretations and adverse tax consequences. Certain insurance-linked

instruments and similar investments may have limited liquidity, or may

be illiquid. The Fund has limited transparency into the individual

contracts underlying certain insurance-linked instruments and similar

investments, which may make the risk assessment of them more

difficult. These types of investments may be difficult to value.

The aforementioned instruments may include longevity and mortality

investments, including indirect investment in pools of insurance-related

longevity and mortality investments, including life insurance policies,

annuity contracts and premium finance loans. Such investments are

subject to "longevity risk" and/or "mortality risk." Longevity risk is the

risk that members of a reference population will live longer, on average,

than anticipated. Mortality risk is the risk that members of a reference

population will live shorter, on average, than anticipated. Changes in

these rates can significantly affect the liabilities and cash needs of life

insurers, annuity providers and pension funds. The terms of a longevity

bond typically provide that the investor in the bond will receive less than

the bond's par amount at maturity if the actual average longevity (life

span) of a specified population of people observed over a specified

period of time (typically measured by a longevity index) is higher than a

specified level. If longevity is higher than expected, the bond will return

less than its par amount at maturity. A mortality bond, in contrast to a

longevity bond, typically provides that the investor in the bond will

receive less than the bond's par amount at maturity if the mortality rate

of a specified population of people observed over a specified period of

time (typically measured by a mortality index) is higher than a specified

level.

During their term, both longevity bonds and mortality bonds typically

pay a floating rate of interest to investors. Longevity and mortality

investments purchased by the Fund involve the risk of incorrectly

predicting the actual level of longevity or mortality, as applicable, for the

reference population of people. With respect to mortality investments

held by the Fund, there is also the risk that an epidemic or other

catastrophic event could strike the reference population, resulting in

mortality rates exceeding expectations. The Fund may also gain this type

of exposure through event-linked derivative instruments, such as swaps,

that are contingent on or formulaically related to longevity or mortality

risk.

Regulatory Changes Risk

Financial entities, such as investment companies and investment

advisers, are generally subject to extensive government regulation and

intervention. Government regulation and/or intervention may change

the way the Fund is regulated, affect the expenses incurred directly by

the Fund and the value of its investments, and limit and /or preclude the

Fund's ability to achieve its investment objective. Government

regulation may change frequently and may have significant adverse

consequences. The Fund and the Investment Manager have historically

been eligible for exemptions from certain regulations. However, there is

no assurance that the Fund and the Investment Manager will continue

to be eligible for such exemptions.

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Moreover, government regulation may have unpredictable and

unintended effects. Legislative or regulatory actions to address

perceived liquidity or other issues in fixed income markets generally, or

in particular markets such as the municipal securities market, may alter

or impair the Fund's ability to pursue its investment objective or utilize

certain investment strategies and techniques.

While there continues to be uncertainty about the full impact of these

and other regulatory changes, it is the case that the Fund will be subject

to a more complex regulatory framework, and may incur additional

costs to comply with new requirements as well as to monitor for

compliance in the future. Actions by governmental entities may also

impact certain instruments in which the Fund invests and reduce market

liquidity and resiliency.

Tax Risk

The Fund has elected to be treated as a RIC under Subchapter M of the

Code and intends each year to qualify and be eligible to be treated as

such, so that it generally will not be subject to U.S. federal income tax

on its net investment income or net short-term or long-term capital

gains that are timely distributed (or deemed distributed, as described

below) to shareholders. In order to qualify and be eligible for such

treatment, the Fund must meet certain asset diversification tests, derive

at least 90% of its gross income for such year from certain types of

qualifying income, and distribute to its shareholders at least 90% of its

"investment company taxable income" as that term is defined in the

Code (which includes, among other things, dividends, taxable interest

and the excess of any net short-term capital gains over net long-term

capital losses, as reduced by certain deductible expenses) and net

tax-exempt income, for such year.

The Fund's investment strategy will potentially be limited by its intention

to qualify for treatment as a RIC and can limit the Fund's ability to

qualify as such. The tax treatment of certain of the Fund's investments

under one or more of the qualification or distribution tests applicable to

RICs is uncertain. An adverse determination or future guidance by the

IRS or a change in law might affect the Fund's ability to qualify or be

eligible for treatment as a RIC. Income and gains from certain of the

Fund's activities may not constitute qualifying income to a RIC for

purposes of the 90% gross income test. If the Fund's income or gain

from a particular investment or activity were determined to constitute

nonqualifying income, which in certain cases may be determined

retroactively, and the Fund's nonqualifying income from all sources

were to exceed 10% of its gross income in any taxable year, the Fund

would fail to qualify as a RIC unless it were eligible to and did pay a tax

at the Fund level. See "Taxation" in the Statement of Additional

Information for additional details.

If, in any year, the Fund were to fail to qualify for treatment as a RIC

under the Code and were ineligible to or did not otherwise cure such

failure, the Fund would be subject to tax on its taxable income at

corporate rates and, when such income is distributed, shareholders

would be subject to further tax on such distributions to the extent of the

Fund's current or accumulated earnings and profits.

To the extent the Fund invests through one or more subsidiaries, the

Fund may be required to include in gross income for U.S. federal income

tax purposes all of the subsidiary's income, whether or not such income

is distributed by the subsidiary, and the Fund may generally have to

treat such income as ordinary income, regardless of the character of the

subsidiary's underlying income or gains. If a net loss is realized by a

subsidiary, such loss is not generally available to offset the income

earned by the Fund, and such loss cannot be carried forward to offset

taxable income of the Fund or the subsidiary in future periods.

Potential Conflicts of Interest Risk—Allocation of Investment

Opportunities

The Investment Manager and its affiliates are involved worldwide with a

broad spectrum of financial services and asset management activities

and may engage in the ordinary course of business in activities in which

their interests or the interests of their clients may conflict with those of

the Fund. The Investment Manager may provide investment

management services to other funds and discretionary managed

accounts that follow an investment program similar to that of the Fund.

Subject to the requirements of the 1940 Act, the Investment Manager

intends to engage in such activities and may receive compensation from

third parties for its services. The results of the Fund's investment

activities may differ from those of the Fund's affiliates, or another

account managed by the Investment Manager or its affiliates, and it is

possible that the Fund could sustain losses during periods in which one

or more of the Fund's affiliates and/or other accounts managed by the

Investment Manager or its affiliates, including proprietary accounts,

achieve profits on their trading.

Repurchase Agreements Risk

The Fund may enter into repurchase agreements, in which the Fund

purchases a security from a bank or broker-dealer, which agrees to

repurchase the security at the Fund's cost plus interest within a specified

time. Entering into repurchase agreements allows the Fund to earn a

return on cash in the Fund's portfolio that would otherwise remain

un-invested. Repurchase agreements may involve risks in the event of

default or insolvency of the counterparty, including possible delays or

restrictions upon the Fund's ability to sell the underlying securities and

additional expenses in seeking to enforce the Fund's rights and recover

any losses. Although the Fund seeks to limit the credit risk under a

repurchase agreement by carefully selecting counterparties and

accepting only high quality collateral, some credit risk remains. The

counterparty could default which may make it necessary for the Fund to

incur expenses to liquidate the collateral. The security subject to a

repurchase agreement may be or become illiquid. These events could

also trigger adverse tax consequences for the Fund.

Distribution Rate Risk

The Fund's distribution rates may be affected by numerous factors,

including but not limited to changes in realized and projected market

returns, fluctuations in market interest rates, Fund performance and

other factors. The Fund's distributions may be comprised of a return of

capital. In general terms, a return of capital would occur where a Fund

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distribution (or portion thereof) represents a return of a portion of your

investment, rather than net income or capital gains generated from your

investment during a particular period. There can be no assurance that a

change in market conditions or other factors will not result in a change

in the Fund's distribution rate or that the rate will be sustainable in the

future. Additionally, the distribution rate is not indicative of the Fund's

performance and may not correlate with the actual returns generated by

the Fund's investments.

Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities

Risk

The market prices of zero-coupon, step ups and payment-in-kind

securities are generally more volatile than the prices of securities that

pay interest periodically and in cash, and are likely to respond to

changes in interest rates to a greater degree than other types of debt

securities with similar maturities and credit quality. Because

zero-coupon securities bear no interest, their prices are especially

volatile and because zero-coupon bondholders do not receive interest

payments, the prices of zero-coupon securities generally fall more

dramatically than those of bonds that pay interest on a current basis

when interest rates rise. The market for zero-coupon and

payment-in-kind securities may suffer decreased liquidity. In addition, as

these securities may not pay cash interest, the Fund's investment

exposure to these securities and their risks, including credit risk, will

increase during the time these securities are held in the Fund's portfolio.

Further, to maintain its qualification for treatment as a RIC and to avoid

Fund-level U.S. federal income and/or excise taxes, the Fund is required

to distribute to its shareholders any income it is deemed to have

received in respect of such investments, notwithstanding that cash has

not been received currently, and the value of paid-in-kind interest.

Consequently, the Fund may have to dispose of portfolio securities

under disadvantageous circumstances to generate the cash, or may

have to leverage itself by borrowing the cash to satisfy this distribution

requirement.

The required distributions, if any, would result in an increase in the

Fund's exposure to these securities. Zero coupon bonds, step-ups and

payment-in- kind securities allow an issuer to avoid or delay the need to

generate cash to meet current interest payments and, as a result, may

involve greater credit risk than bonds that pay interest currently or in

cash. The Fund would be required to distribute the income on these

instruments as it accrues, even though the Fund will not receive the

income on a current basis or in cash. Thus, the Fund may sell other

investments, including when it may not be advisable to do so, to make

income distributions to its shareholders.

Risk Retention Investment Risk

The Fund may invest in risk retention tranches of CMBS or other eligible

securitizations, if any ("risk retention tranches"), which are eligible

residual interests typically held by the sponsors of such securitizations

pursuant to the final rules implementing the credit risk retention

requirements of Section 941 of the Dodd-Frank Act (the "U.S. Risk

Retention Rules"). In the case of CMBS transactions, for example, the

U.S. Risk Retention Rules permit all or a portion of the retained credit

risk associated with certain securitizations (i.e., retained risk) to be held

by an unaffiliated "third party purchaser," such as the Fund, if, among

other requirements, the third-party purchaser holds its retained interest,

unhedged, for at least five years following the closing of the CMBS

transaction, after which it is entitled to transfer its interest in the

securitization to another person that meets the requirements for a

third-party purchaser. Even after the required holding period has

expired, due to the generally illiquid nature of such investments, no

assurance can be given as to what, if any, exit strategies will ultimately

be available for any given position.

In addition, there is limited guidance on the application of the final

U.S. Risk Retention Rules to specific securitization structures. There can

be no assurance that the applicable federal agencies charged with the

implementation of the final U.S. Risk Retention Rules (the Federal

Deposit Insurance Corporation, the Comptroller of the Currency, the

Federal Reserve Board, the SEC, the Department of Housing and Urban

Development, and the Federal Housing Finance Agency) could not take

positions in the future that differ from the interpretation of such rules

taken or embodied in such securitizations, or that the final U.S. Risk

Retention Rules will not change.

Furthermore, in situations where the Fund invests in risk retention

tranches of securitizations structured by third parties, the Fund may be

required to execute one or more letters or other agreements, the exact

form and nature of which will vary (each, a "Risk Retention

Agreement") under which it will make certain undertakings designed to

ensure such securitization complies with the final U.S. Risk Retention

Rules. Such Risk Retention Agreements may include a variety of

representations, warranties, covenants and other indemnities, each of

which may run to various transaction parties. If the Fund breaches any

undertakings in any Risk Retention Agreement, it will be exposed to

claims by the other parties thereto, including for any losses incurred as a

result of such breach, which could be significant and exceed the value of

the Fund's investments.

Subsidiary Risk

To the extent the Fund invests through one or more of its Subsidiaries,

the Fund would be exposed to the risks associated with such

Subsidiary's investments. Such Subsidiaries would likely not be

registered as investment companies under the 1940 Act and therefore

would not be subject to all of the investor protections of the 1940 Act.

Changes in the laws of the United States and/or the jurisdiction in

which a Subsidiary is organized could result in the inability of the Fund

and/or the Subsidiary to operate as intended and could adversely affect

the Fund.

Portfolio Turnover Risk

The Investment Manager manages the Fund without regard generally to

restrictions on portfolio turnover. The use of futures contracts and other

derivative instruments with relatively short maturities may tend to

exaggerate the portfolio turnover rate for the Fund. Trading in fixed

income securities does not generally involve the payment of brokerage

commissions, but does involve indirect transaction costs. The use of

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futures contracts and other derivative instruments may involve the

payment of commissions to futures commission merchants or other

intermediaries. Higher portfolio turnover involves correspondingly

greater expenses to the Fund, including brokerage commissions or

dealer mark-ups and other transaction costs on the sale of securities

and reinvestments in other securities. The higher the rate of portfolio

turnover of the Fund, the higher these transaction costs borne by the

Fund generally will be. Such sales may result in realization of taxable

capital gains (including short-term capital gains, which are generally

taxed to shareholders at ordinary income tax rates when distributed net

of short-term capital losses and net long-term capital losses), and may

adversely impact the Fund's after-tax returns. The realization of

short-term capital gains may also cause adverse tax consequences for

the Fund's shareholders. See "Tax Matters."

Operational Risk

An investment in the Fund, like any fund, can involve operational risks

arising from factors such as processing errors, human errors, inadequate

or failed internal or external processes, failures in systems and

technology, changes in personnel and errors caused by third-party

service providers. The occurrence of any of these failures, errors or

breaches could result in a loss of information, regulatory scrutiny,

reputational damage or other events, any of which could have a

material adverse effect on the Fund. While the Fund seeks to minimize

such events through controls and oversight, there may still be failures

that could cause losses to the Fund.

Market Disruptions Risk

The Fund is subject to investment and operational risks associated with

financial, economic and other global market developments and

disruptions, including those arising from war, military conflicts,

geopolitical disputes, terrorism, social or political unrest, recessions,

supply chain disruptions, tariffs and other restrictions on trade,

sanctions, market manipulation, government interventions, defaults and

shutdowns, political changes or diplomatic developments, public health

emergencies (such as the spread of infectious diseases, pandemics and

epidemics), bank failures, natural/environmental disasters, climate

change and climate related events, which can all negatively impact the

securities markets, interest rates, auctions, secondary trading, ratings,

credit risk, inflation, deflation and other factors relating to the Fund's

investments or the Investment Manager's operations and the value of

an investment in the Fund, its distributions and its returns. These events

can also impair the technology and other operational systems upon

which the Fund's service providers, including PIMCO as the Fund's

investment adviser, rely, and could otherwise disrupt the Fund's service

providers' ability to fulfill their obligations to the Fund. Furthermore,

events involving limited liquidity, defaults, non-performance or other

adverse developments that affect financial institutions or the financial

services industry generally, or concerns or rumors about any events of

these kinds or other similar risks, have in the past and may in the future

lead to market-wide liquidity problems.

Cyber Security Risk

As the use of technology, including cloud-based technology, has

become more prevalent and interconnected in the course of business,

the Fund is potentially more susceptible to operational and information

security risks resulting from breaches in cyber security, including:

processing and human errors, inadequate or failed internal or external

processes, failures in system and technology, errors in algorithms used

with respect to Fund operations and changes in personnel. A breach in

cyber security refers to both intentional and unintentional cyber events

from outside threat actors or internal resources that may, among other

things, cause the Fund to lose proprietary information, suffer data

corruption and/or destruction, lose operational capacity, result in the

unauthorized release or other misuse of confidential information, or

otherwise disrupt normal business operations. Geopolitical tensions can

increase the scale and sophistication of deliberate cybersecurity attacks,

particularly those from nation-states or from entities with nation-state

backing, who may desire to use cybersecurity attacks to cause damage

or create leverage against geopolitical rivals. Cyber security breaches

may involve unauthorized access to the Fund's digital information

systems (e.g., through "hacking" or malicious software coding), and

may come from multiple sources, including outside attacks such as

denial-of-service attacks (i.e., efforts to make network services

unavailable to intended users) or cyber extortion, including exfiltration

of data held for ransom and/or "ransomware" attacks that renders

systems inoperable until the ransom is paid, or insider actions (e.g.,

intentionally or unintentionally harmful acts of PIMCO personnel). In

addition, cyber security breaches involving the Fund's third party service

providers (including but not limited to advisers, sub-advisers,

administrators, transfer agents, custodians, vendors, suppliers,

distributors and other third parties), trading counterparties or issuers in

which the Fund invests can also subject the Fund to many of the same

risks associated with direct cyber security breaches or extortion of

company data. PIMCO's use of cloud-based service providers could

heighten or change these risks. In addition, work-from-home

arrangements by the Fund, the Investment Manager or their service

providers could increase all of the above risks, create additional data

and information accessibility concerns, and make the Fund, the

Investment Manager or their service providers susceptible to operational

disruptions, any of which could adversely impact their operations.

Cyber security failures or breaches may result in financial losses to the

Fund and its shareholders. For example, cyber security failures or

breaches involving trading counterparties or issuers in which the Fund

invests could adversely impact such counterparties or issuers and cause

the Fund's investment to lose value. These failures or breaches may also

result in disruptions to business operations, potentially resulting in

financial losses; interference with the Fund's ability to calculate its NAV,

process shareholder transactions or otherwise transact business with

shareholders; impediments to trading; violations of applicable privacy

and other laws; regulatory fines; penalties; third-party claims in

litigation; reputational damage; reimbursement or other compensation

costs; additional compliance and cyber security risk management costs

and other adverse consequences. In addition, substantial costs may be

incurred in order to prevent any cyber incidents in the future.

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Like with operational risk in general, the Fund has established business

continuity plans and risk management systems designed to reduce the

risks associated with cyber security. However, there are inherent

limitations in these plans and systems, including that certain risks may

not have been identified, in large part because different or unknown

threats may emerge in the future. As such, there is no guarantee that

such efforts will succeed, especially because the Fund does not directly

control the cyber security systems of issuers in which the Fund may

invest, trading counterparties or third-party service providers to the

Fund. Such entities have experienced cyber attacks and other attempts

to gain unauthorized access to systems from time to time, and there is

no guarantee that efforts to prevent or mitigate the effects of such

attacks or other attempts to gain unauthorized access will be successful.

There is also a risk that cyber security breaches may not be detected. The

Fund and its shareholders may suffer losses as a result of a cyber

security breach related to the Fund, its service providers, trading

counterparties or the issuers in which the Fund invests.

Non-Diversification Risk

The Fund is "non-diversified," which means that the Fund may invest a

significant portion of its assets in the securities of a smaller number of

issuers than a diversified fund. Focusing investments in a small number

of issuers increases risk. A fund that invests in a relatively smaller

number of issuers is more susceptible to risks associated with a single

economic, political or regulatory occurrence than a diversified fund

might be. Some of those issuers also may present substantial credit or

other risks. Similarly, the Fund may be subject to increased economic,

business or political risk to the extent that it invests a substantial

portion of its assets in a particular currency, in a group of related

industries, in a particular issuer, in the bonds of similar projects or in a

narrowly defined geographic area outside the U.S. Notwithstanding the

Fund's status as a "non-diversified" investment company under the

1940 Act, the Fund intends to qualify as a regulated investment

company accorded special tax treatment under the Code, which

imposes its own diversification requirements.

Short Exposure Risk

The Fund's short sales and short positions, if any, are subject to special

risks. A short sale involves the sale by the Fund of a security that it does

not own with the hope of purchasing the same security at a later date at

a lower price. The Fund may also enter into a short position through a

forward commitment or a short derivative position through a futures

contract or swap agreement. If the price of the security or derivative has

increased during this time, then the Fund will incur a loss equal to the

increase in price from the time that the short sale was entered into plus

any transaction costs (i.e., premiums and interest) paid to the

broker-dealer to borrow securities. Therefore, short sales involve the risk

that losses may be exaggerated, potentially losing more money than the

actual cost of the investment. By contrast, a loss on a long position

arises from decreases in the value of the security and is limited by the

fact that a security's value cannot decrease below zero. By investing the

proceeds received from selling securities short, the Fund could be

deemed to be employing a form of leverage, which creates special risks.

The use of leverage may increase the Fund's exposure to long security

positions and make any change in the Fund's NAV greater than it would

be without the use of leverage. This could result in increased volatility of

returns. There is no guarantee that any leveraging strategy the Fund

employs will be successful during any period in which it is employed.

In times of unusual or adverse market, economic, regulatory,

environmental or political conditions, the Fund may not be able, fully or

partially, to implement its short selling strategy. Periods of unusual or

adverse market, economic, environmental, regulatory or political

conditions generally may exist for long periods of time. In response to

market events, the SEC and regulatory authorities in other jurisdictions

may adopt (and in certain cases, have adopted) bans on, and/or

reporting requirements for, short sales of certain securities, including

short positions on such securities acquired through swaps. Restrictions

on and/or reporting of short selling and short positions may negatively

impact and materially impair the Fund's ability to execute certain

transactions. Also, there is the risk that the third party to the short sale

or short position will not fulfill its contractual obligations, causing a loss

to the Fund.

Certain Affiliations

Certain broker-dealers may be considered to be affiliated persons of the

Fund and/or the Investment Manager due to their possible affiliations

with Allianz SE, the ultimate parent of the Investment Manager, or

another Allianz entity. Allianz Asset Management of America LP merged

with Allianz Asset Management of America LLC ("Allianz Asset

Management"), with the latter being the surviving entity, effective

January 1, 2023. Following the merger, Allianz Asset Management is

PIMCO's managing member and direct parent entity. Absent an

exemption from the SEC or other regulatory relief, the Fund is generally

precluded from effecting certain principal transactions with affiliated

brokers, and its ability to purchase securities being underwritten by an

affiliated broker or a syndicate including an affiliated broker, or to utilize

affiliated brokers for agency transactions, is subject to restrictions. This

could limit the Fund's ability to engage in securities transactions and

take advantage of market opportunities.

The 1940 Act imposes significant limits on co-investment with affiliates

of the Fund. The Fund has received exemptive relief from the SEC that,

to the extent the Fund relies on such relief, permits it to (among other

things) co-invest alongside certain other persons in privately negotiated

investments, including certain affiliates of the Investment Manager and

certain public or private funds managed by the Investment Manager and

its affiliates, subject to certain terms and conditions. The exemptive relief

from the SEC with respect to co-investments imposes a number of

conditions on any co-investments made in reliance on such relief that

may limit or restrict the Fund's ability to participate in an investment or

require it to participate in an investment to a lesser extent, which could

negatively impact the Fund's ability to execute its desired investment

strategy and its returns. Subject to applicable law, the Fund may also

invest alongside other PIMCO managed funds and accounts, including

private funds and affiliates of the Investment Manager, without relying

on the exemptive relief. Pursuant to co-investment exemptive relief, to

the extent the Fund relies on such relief, the Fund will be able to invest

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in opportunities in which PIMCO and/or its affiliates has an investment,

and PIMCO and/or its affiliates will be able to invest in opportunities in

which a fund has made an investment.

Anti-Takeover Provisions

The Fund's Amended and Restated Agreement and Declaration of Trust,

includes provisions that could limit the ability of other entities or

persons to acquire control of the Fund or to convert the Fund to

open-end status. See "Anti-Takeover and Other Provisions in the

Declaration of Trust and Bylaws."

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PIMCO Flexible Emerging Markets

Income Fund

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Summary of Fund Expenses

This table is intended to assist investors in understanding the various

costs and expenses directly or indirectly associated with investing in the

Fund. You may qualify for sales charge discounts on Class A-2 and/or

Class A-4 Common Shares of the Fund if you and your family invest, or

agree to invest in the future, in a certain amount of Class A-1, Class A-2,

Class A-3 and/or Class A-4 common shares of the Fund (to the extent

available) or other eligible closed-end interval funds that are sponsored

by PIMCO. More information about these and other discounts is

available in the "Plan of Distribution—Share Classes" section on page

of this prospectus, or from your financial advisor.

Shareholder Transaction Expenses (fees paid directly from

your investment):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional<br>Class<br>| Class<br>A-1<br>| Class<br>A-2<br>| Class<br>A-3<br>| Class<br>A-4<br>|
| Maximum Initial Sales Charge (Load) <br>Imposed on Purchases (as a <br>percentage of offering price)<br>| None<br>(1)<br>| None<br>(1)<br>| 3.00%<br>(2)<br>| None<br>(1)<br>| 3.00%<br>(2)<br>|
| Maximum Early Withdrawal Charge <br>(Load) (as a percentage of the lower of <br>the original purchase price or <br>repurchase price)<br>|  |  | 1.00% |  | 1.00% |
| Dividend Reinvestment Fees |  |  |  |  |  |

---

While neither the Fund nor the Distributor impose an initial sales charge, if you buy

Institutional Class, Class A-1 or Class A-3 Common 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.

Although the Fund is permitted to charge a maximum sales charge of 3.00%, the Fund

has elected to currently charge a maximum sales charge of 2.00%. See "Plan of

Distribution - Purchasing Shares - Reductions and Waivers of Initial Sales Charges and

EWCs" in this prospectus for more information on sales charge waivers and discounts.

Annual Fund Operating Expenses (as a percentage of Net

Assets Attributable to Common Shares (reflecting leverage

attributable to reverse repurchase agreements representing

approximately 13.23% of the Fund's average total managed

assets or 15.24% of the Fund's average net assets attributable

to common shares)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Institutional<br>Class<br>| Class A-1 | Class A-2 | Class A-3 | Class A-4 |
| Management Fees<br>(1)<br>| 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| Distribution and/or Service <br>(12b-1) Fees<br>| N/A | 0.50% | 0.50% | 0.75% | 0.75% |
| Interest Payments on Borrowed <br>Funds<br>(2)<br>(3)<br>| 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| Other Expenses<br>(4)<br>| 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
| Total Annual Fund <br>Operating Expenses<br>| 2.31% | 2.81% | 2.81% | 3.06% | 3.06% |
| Fee Waiver and/or Expense <br>Reimbursement<br>(5)<br>| (0.02%) | (0.02%) | (0.02%) | (0.02%) | (0.02%) |
| Total Annual Fund <br>Operating Expenses After <br>Fee Waiver and/or Expense <br>Reimbursement<br>| 2.29% | 2.79% | 2.79% | 3.04% | 3.04% |

---

Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially

an all-in fee structure (the "unified management fee"). Pursuant to an investment

management agreement, PIMCO is paid a Management Fee of 1.30% of the Fund's

average daily total managed assets. The Fund (and not PIMCO) is responsible for

certain fees and expenses, which are reflected in the table above, that are not covered

by the unified management fee under the investment management agreement. Please

see "Management of the Fund – Investment Management Agreement" for an

explanation of the unified management fee and definition of "total managed assets."

Reflects the Fund's use of leverage in the form of reverse repurchase agreements

averaged over the fiscal year ended June 30, 2025 which represented approximately

13.23% of the Fund's average total managed assets, including assets attributable to

such leverage, (or 15.24% of the Fund's average net assets attributable to common

shares), as of that date, at an estimated annual interest rate cost to the Fund of

4.64%, which is the weighted average interest rate cost during the fiscal year ended

June 30, 2025. See "Use of Leverage-Effects of Leverage." The actual amount of

interest expense borne by the Fund will vary over time in accordance with the level of

the Fund's use of leverage and variations in market interest rates. Borrowing expense is

required to be treated as an expense of the Fund for accounting purposes. Any

associated income or gains (or losses) realized from leverage obtained through such

instruments is not reflected in the Annual Expenses table above, but would be reflected

in the Fund's performance results.

"Interest Payments on Borrowed Funds" is borne by the Fund separately from the

management fees paid to PIMCO. Excluding such expense, Total Annual Fund

Operating Expenses After Fee Waiver and/or Expense Reimbursement are estimated to

be 1.57%, 2.07%, 2.07%, 2.32% and 2.32% for Institutional Class, Class A-1,

Class A-2, Class A-3 and Class A-4 shares, respectively.

"Other Expenses" are based on estimated amounts for the current fiscal year.

PIMCO has contractually agreed, through November 3, 2026, to waive its

management fee, or reimburse the Fund, to the extent that organizational expenses

(including any initial offering expenses), pro rata share of expenses related to

obtaining or maintaining a Legal Entity Identifier and pro rata Trustees' fees exceed

0.07% of the Fund's average daily net assets. The Expense Limitation Agreement will

automatically renew for one-year terms unless PIMCO provides written notice to the

Fund at least 30 days prior to the end of the current term, or unless the Fund

terminates the agreement upon 90 days notice of the Fund's investment management

agreement with PIMCO terminates. Under the Expense Limitation Agreement, if, in any

month in which the investment management agreement is in effect, the estimated

annualized Specified Expenses for that month are less than the Expense Limit, PIMCO

is entitled to reimbursement by the Fund of any portion of the management fee waived

or reduced as set forth above during the previous thirty-six months, provided that such

amount paid to PIMCO will not (1) together with the annualized Specified Expenses

exceed, for such month, the Expense Limit; (2) exceed the total Reimbursement

Amount; or (3) include any amounts previously reimbursed to PIMCO. For the

avoidance of doubt, any reimbursement of PIMCO's management fee pursuant to the

Expense Limitation Agreement plus any recoupment of Specified Expenses will not

exceed the lesser of (i) the expense limit in effect at the time of waiver or

reimbursement and (ii) the expense limit in effect at the time of recoupment.

Example

As required by relevant SEC regulations, the following example

illustrates the expenses (including any applicable sales charge) that you

would pay on a $1,000 investment in the Common Shares, assuming a

5% annual return

(1)(2)

:

If you redeem your shares at the end of each period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Institutional Class | $23 | $72 | $123 | $264 |
| Class A-1 | $28 | $87 | $148 | $314 |
| Class A-2 | $67 | $114 | $174 | $334 |
| Class A-3 | $31 | $94 | $160 | $337 |
| Class A-4 | $70 | $121 | $186 | $357 |

---

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Interval Funds \|

Prospectus

![](g43918g1imgc45991e63.gif)

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Prospectus

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If you do not redeem your shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A-2 | $57 | $114 | $174 | $334 |
| Class A-4 | $60 | $121 | $186 | $357 |

---

The example above should not be considered a representation of future

expenses. Actual expenses may be higher or lower than those shown.

The

example assumes that the estimated Interest Payments on Borrowed Funds and Other

Expenses set forth in the Annual Fund Operating Expenses table are accurate, that the

Total Annual Fund Operating Expenses (as described above) remain the same for all

time periods shown, and that all dividends and distributions are reinvested at NAV and

takes into account the effect of the fee waiver and/or expense reimbursement (if any)

during the full contractual term of such fee waiver and/or expense reimbursement.

Actual expenses may be greater or less than those assumed. Moreover, the Fund's

actual rate of return may be greater or less than the hypothetical 5% annual return

shown in the example. In addition to the fees and expenses described above, you may

also be required to pay transaction or other fees on purchases of Institutional Class,

Class A-1, Class A-2, Class A-3 or Class A-4 Common Shares of the Fund, which are

not reflected in the example.

The applicable initial sales charge reflected in the example for Class A-2 and Class A-4

Common Shares of the Fund is 2.00%. Although the Fund is permitted to charge a

maximum initial sales charge of 3.00% for these share classes, the Fund has elected to

currently charge a maximum initial sales charge of 2.00%.

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October 31, 2025 (as supplemented January 6, 2026) \|

Prospectus

------

Interval Funds

------

Financial Highlights

The financial highlights table set forth below is intended to help you understand the Fund's recent financial performance. Information shown reflects

performance of the Fund's Institutional Class Common Shares.

The information in the table below is for the fiscal years and/or periods ended June 30, 2025, June 30, 2024, June 30, 2023 and June 30, 2022,

audited by PricewaterhouseCoopers LLP ("PwC"), whose report on such financial statements is contained in the Fund's June 30, 2025 annual report

and is incorporated by reference into the Statement of Additional Information. References to Notes to Financial Statements are to the notes included

in the Fund's annual shareholder report dated June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Investment Operations | Investment Operations | Investment Operations | Less Distributions<br>(c) | Less Distributions<br>(c) | Less Distributions<br>(c) |
| Selected Per Share Data for<br>the Year or Period Ended^:<br>| Net Asset Value<br>Beginning of<br>Year or Period<br>(a)<br>| Net Investment<br>Income (Loss)<br>(b)<br>| Net Realized/<br>Unrealized Gain<br>(Loss)<br>| Total | From Net<br>Investment<br>Income<br>| From Net<br>Realized<br>Capital Gains<br>| Total |
| PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund | PIMCO Flexible Emerging Markets Income Fund |
| Institutional Class |  |  |  |  |  |  |  |
| 06/30/2025 | $8.41<br>| $0.72<br>| $0.33<br>| $1.05<br>| $(0.71)<br>| $0.00<br>| $(0.71)<br>|
| 06/30/2024 | 8.19 | 0.68 | 0.20 | 0.88 | (0.66) | 0.00 | (0.66) |
| 06/30/2023 | 8.39 | 0.60 | (0.03) | 0.57 | (0.77) | 0.00 | (0.77) |
| 03/15/2022 - 06/30/2022 | 10.00 | 0.22 | (1.62) | (1.40) | (0.21) | 0.00 | (0.21) |

---

^

A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.

\*

Annualized, except for organizational expense, if any.

(a) Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the

Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund.

(b) Per share amounts based on average number of Common Shares outstanding during the year or period.

(c) The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions — Common Shares, in the Notes to Financial

Statements for more information.

(d) Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the

Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable

initial sales charges and contingent deferred sales charges.

(e) Ratio includes interest expense which primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes

to Financial Statements for more information.

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41 Prospectus

\| Interval Funds

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Prospectus

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  |  |  | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets |  |
| Net Asset Value End<br>of Year or Period<br>(a)<br>| &nbsp;&nbsp;Total<br>Return<br>(d)<br>| &nbsp;&nbsp;Net Assets End<br>of Year or Period<br>(000s)<br>| Expenses<br>(e)<br>| &nbsp;&nbsp;Expenses<br>Excluding Waivers<br>(e)<br>| &nbsp;&nbsp;Expenses Excluding<br>Interest Expense<br>| &nbsp;&nbsp;Expenses Excluding<br>Interest Expense<br>and Waivers<br>| &nbsp;&nbsp;Net Investment<br>Income (Loss)<br>| &nbsp;&nbsp;Portfolio<br>Turnover Rate<br>|
| $8.75<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.07%<br>| &nbsp;&nbsp;$51273<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.47%<br>| &nbsp;&nbsp;53%<br>|
| 8.41 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;32297 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;70 |
| 8.19 | &nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;24876 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;76 |
| 8.39 | &nbsp;&nbsp;(14.05)<br>| &nbsp;&nbsp;23101 | &nbsp;&nbsp;&nbsp;&nbsp;0.84<br>\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.31<br>\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53<br>\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00<br>\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.84<br>\*<br>| &nbsp;&nbsp;33 |

---

------

October 31, 2025 (as supplemented January 6, 2026) \|

Prospectus

------

Interval Funds

------

The Fund

The Fund is a non-diversified, closed-end management investment

company registered under the 1940 Act with limited operating history.

The Fund continuously offers its Common Shares and is operated as an

"interval fund." This prospectus has five separate classes of Common

Shares: Institutional Class, Class A-1, Class A-2, Class A-3 and

Class A-4. The Fund was organized as a Massachusetts business trust on

March 4, 2021, pursuant to the Declaration, which is governed by the

laws of The Commonwealth of Massachusetts. The Fund commenced

operations on March 15, 2022. The Fund's principal office is located at

1633 Broadway, New York, New York 10019.

Use of Proceeds

The Fund will invest the net proceeds of the offering in accordance with

its investment objective and policies as stated below. It is currently

anticipated that the Fund will be able to invest all or substantially all of

the net proceeds according to its investment objective and policies

within approximately three months after receipt of the proceeds,

depending on the amount and timing of proceeds available to the Fund

as well as the availability of investments consistent with the Fund's

investment objective and policies, and except to the extent proceeds are

held in cash to pay dividends or expenses, satisfy repurchase offers or

for temporary defensive purposes. Pending such investment, it is

anticipated that the proceeds of an offering will be invested in high

grade, short-term securities, credit-linked trust certificates, and/or high

yield securities index futures contracts or similar derivative instruments

designed to give the Fund exposure to the securities and markets in

which it intends to invest while PIMCO selects specific investments.

The Fund's Investment Objective and Strategies

When used in this prospectus, the term "invest" includes both direct

investing and indirect investing and the term "investments" includes

both direct investments and indirect investments. For example, the Fund

may invest indirectly by investing in derivatives or through its

Subsidiaries. The Fund may be exposed to the different types of

investments described below through its Subsidiaries. The allocation of

the Fund's portfolio in a Subsidiary will vary over time and might not

always include all of the different types of investments described herein.

Investment Objective

The Fund's investment objective is to seek to provide attractive

risk-adjusted returns and current income.

The Fund seeks to achieve its investment objective by investing, under

normal circumstances, across a wide array of instruments, including

from sovereign, quasi-sovereign and corporate borrowers, that are

economically tied to "emerging market" countries. The Fund utilizes a

flexible asset allocation strategy among multiple public and private

credit sectors in the emerging market credit markets, including corporate

debt (including, among other things, fixed-, variable- and floating-rate

bonds, loans, convertible and contingent convertible securities and

stressed, distressed and defaulted debt securities issued by corporations

or other business entities), mortgage-related and other

consumer-related instruments, collateralized debt obligations, including,

without limitation, collateralized loan obligations, government,

sovereign and quasi-sovereign debt and other fixed-, variable- and

floating-rate income-producing securities. The Fund may invest without

limit in investment grade debt securities and in below investment grade

debt securities (commonly referred to as "high yield" securities or "junk

bonds"), including securities of defaulted, stressed, distressed and

defaulted issuers. No assurance can be given that the Fund's investment

objective will be achieved, and you could lose all of your investment in

the Fund.

Portfolio Management Strategies

PIMCO serves as the Investment Manager of the Fund and manages the

Fund's portfolio. See "Management of the Fund." The portfolio

management strategies and techniques to be utilized by PIMCO are

described below.

Flexible Allocation Strategy

In managing the Fund, PIMCO employs an active approach to allocation

among multiple credit sectors based on, among other things, market

conditions, valuation assessments, economic outlook, credit market

trends and other economic factors. With PIMCO's macroeconomic

analysis as the basis for top-down investment decisions, including

geographic and credit sector emphasis, the Fund expects to focus on

seeking attractive risk-adjusted returns across multiple credit sectors.

PIMCO may choose to focus on particular countries or emerging market

regions, asset classes, industries and sectors to the exclusion of others

at any time and from time to time based on market conditions and other

factors. The relative value assessment within credit sectors draws on

PIMCO's regional and sector specialist insights.

Investment Selection Strategies

Once the Fund's top-down, portfolio positioning decisions have been

made as described above, PIMCO generally selects particular

investments for the Fund by employing a bottom-up, disciplined credit

approach which is driven by fundamental, independent research within

each sector represented in the Fund, with a focus on seeking to identify

securities and other instruments with solid and/or improving

fundamentals. PIMCO utilizes strategies that focus on credit quality

analysis, duration management and other risk management techniques.

PIMCO attempts to identify, through fundamental research driven by

independent credit analysis and proprietary analytical tools, debt

obligations and other income-producing securities that provide positive

risk-adjusted returns based on its analysis of the issuer's credit

characteristics and the position of the security in the issuer's capital

structure.

Consideration of yield is only one component of the portfolio managers'

approach in managing the Fund. PIMCO also attempts to identify

investments that may appreciate in value based on PIMCO's assessment

of the issuer's credit characteristics, forecast for interest rates and

outlook for particular countries/regions, currencies, industries, sectors

and the global economy and bond markets generally.

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43 Prospectus

\| Interval Funds

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Prospectus

------

Credit Quality

The Fund may invest without limitation in debt instruments that are, at

the time of purchase, rated below "investment grade" by at least one of

Moody's, S&P or Fitch, or unrated but determined by PIMCO to be of

comparable quality to securities so rated. "Investment grade" means a

rating, in the case of Moody's, of Baa3 or higher, or in the case of S&P

and Fitch, of BBB-or higher. The Fund may invest in securities of

stressed, distressed or defaulted issuers, which include securities at risk

of being in default as to the repayment of principal and/or interest at

the time of acquisition by the Fund or that are rated in the lower rating

categories by one or more nationally recognized statistical rating

organizations (for example, Ca or lower by Moody's or CC or lower by

S&P or Fitch) or, if unrated, are determined by PIMCO to be of

comparable quality. The Fund may also invest in defaulted securities and

debtor-in-possession financings. Debt instruments of below investment

grade quality are regarded as having predominantly speculative

characteristics with respect to capacity to pay interest and repay

principal, and are commonly referred to as "high yield" securities or

"junk bonds." Debt instruments in the lowest investment grade

category may also be considered to possess some speculative

characteristics by certain ratings agencies. The Fund may, for hedging,

investing or leveraging purposes, make use of credit default swaps

(which includes buying and/or selling credit default swaps), which are

contracts whereby one party makes periodic payments to a counterparty

in exchange for the right to receive from the counterparty a payment

equal to the par (or other agreed-upon) value of a referenced debt

obligation in the event of a default or other credit event by the issuer of

the debt obligation.

Independent Credit Analysis

PIMCO relies primarily on its own analysis of the credit quality and risks

associated with individual debt instruments considered for the Fund,

rather than relying exclusively on rating agencies or third-party research.

The Fund's portfolio managers utilize this information in an attempt to

manage credit risk and to identify investments that are undervalued or

that offer attractive yields relative to PIMCO's assessment of their credit

characteristics. This aspect of PIMCO's capabilities will be particularly

important in light of the Fund's plans to invest in instruments that are

tied economically to emerging markets, and to the extent that the Fund

invests in high yield securities.

Duration Management

The Fund has no targeted average portfolio duration and the Fund's

average portfolio duration may vary significantly depending on market

conditions and other factors. It is expected that the Fund normally will

have a short to longer average portfolio duration (i.e., within a zero to

12 year range), as calculated by the Investment Manager, although it

may be shorter or longer at any time depending on market conditions

and other factors. For example, if the Fund has an average portfolio

duration of 12 years, a 1% increase in interest rates would tend to

correspond to a 12% decrease in the value of the Fund's portfolio. There

is no limit on the maturity or duration of any individual security in which

the Fund may invest. Duration is a measure used to determine the

sensitivity of a security's price to changes in interest rates. The Fund's

duration strategy may entail maintaining a negative average portfolio

duration from time to time, meaning the portfolio would tend to

increase in value in response to an increase in interest rates. For

example, if the Fund has a negative average portfolio duration, a 1%

increase in interest rates would tend to correspond to a 1% increase in

the value of the Fund's portfolio for every year of negative duration. A

negative average portfolio duration would potentially benefit the Fund's

portfolio in an environment of rising market interest rates, but would

generally adversely impact the portfolio in an environment of falling or

neutral market interest rates. PIMCO may also utilize certain strategies

including, without limitation, investments in structured notes or interest

rate futures contracts or swap, cap, floor or collar transactions, for the

purpose of reducing the interest rate sensitivity of the Fund's portfolio,

although there is no assurance that it will do so or that such strategies

will be successful. The foregoing is a description of interest rate duration

management only. The credit spread duration of the Fund's portfolio

may vary, in some cases, significantly, from its interest rate duration.

Portfolio Contents and Other Information

Investment Parameters

The Fund will invest, under normal circumstances, at least 80% of its

net assets (plus any borrowings for investment purposes) in a portfolio

of instruments that are tied economically to "emerging market"

countries. Such instruments may be denominated in non-U.S. currencies

or the U.S. dollar. The 80% policy is non-fundamental and may be

changed without shareholder approval, but the Fund will not change its

80% policy unless the Fund provides shareholders with the notice

required by Rule 35d-1 under the 1940 Act.

For purposes of the 80% policy, debt instruments may include, without

limitation, bonds, debt securities and other similar instruments of

varying maturities issued by various U.S. and foreign (non-U.S.) public-

or private-sector entities; structured products, securitizations and other

asset-backed securities issued on a public or private basis (including

agency and non-agency residential mortgage-backed securities and

commercial mortgage-backed securities, CBOs, CLOs, other CDOs and

other similarly structured securities); corporate debt securities of

U.S. and non-U.S. issuers, including convertible and contingent

convertible securities and corporate commercial paper; municipal

securities and other debt securities issued by states or local

governments and their agencies, authorities and other

government-sponsored enterprises, including taxable municipal

securities; obligations of foreign governments or their sub-divisions,

agencies and government sponsored enterprises and obligations of

international agencies and supranational entities; U.S. Government

Securities; loans (including, among others, and without limitation as to a

loan's level of seniority within a capital structure, senior loans,

mezzanine loans, delayed draw and delayed funding loans, revolving

credit facilities and loan participations and assignments); loans held

and/or originated by private financial institutions, including commercial

and residential mortgage loans, corporate loans and consumer loans

(such as credit card receivables, automobile loans and student loans)

------

October 31, 2025 (as supplemented January 6, 2026) \|

Prospectus

------

Interval Funds

------

("private credit assets"); payment-in-kind securities; zero-coupon

bonds; inflation-indexed bonds issued by both governments and

corporations; structured notes, including hybrid or indexed securities;

insurance-linked instruments, catastrophe bonds and other event-linked

bonds; credit-linked notes; covenant-lite obligations; preferred

securities; convertible debt securities (i.e., debt securities that may be

converted at either a stated price or stated rate into underlying shares of

common stock), including synthetic convertible debt securities (i.e.,

instruments created through a combination of separate securities that

possess the two principal characteristics of a traditional convertible

security, such as an income-producing security and the right to acquire

an equity security); and bank certificates of deposit, fixed time deposits

and bankers' acceptances. The rate of interest on an income-producing

instrument may be fixed, floating or variable. At any given time and from

time to time substantially all of the Fund's portfolio may consist of

below investment grade securities. The Fund may invest in debt

securities of stressed, distressed or defaulted issuers as well as in

defaulted securities and debtor-in-possession financings. For tax or

other structuring reasons, the Fund may purchase a loan or debt

investment structured as an equity interest (e.g., a joint venture

interest). The Fund may invest in any level of the capital structure of an

issuer of mortgage-backed or asset-backed instruments, including the

equity or "first loss" tranche. The Fund may invest in unsecured loans

and subordinated or mezzanine obligations, including second and lower

lien loans and the mezzanine and equity (or "first loss") tranches of CLO

issues. The Fund may invest in securitization risk retention tranches in

the capacity of a third-party purchaser with respect to securitizations

sponsored by others. For purposes of the Fund's 80% policy, the Fund

values its derivative instruments based on their market value.

For purposes of the 80% policy, PIMCO has broad discretion to identify

countries that it considers to qualify as "emerging markets." In

exercising such discretion, PIMCO identifies countries as emerging

markets consistent with the Fund's investment objective. The Fund will

generally consider a country to be an emerging market country based on

a number of factors including if the country is classified as an emerging

or developing economy (e.g., a low or middle income country) by the

World Bank or if the country is considered an emerging market country

for purposes of constructing certain emerging markets indexes,

specifically, the J.P. Morgan Emerging Market Bond Index, J.P. Morgan

Government Bond Index-Emerging Markets and J.P. Morgan Corporate

Emerging Markets Bond Index. The Fund emphasizes countries with

relatively low gross national product per capita and with the potential

for rapid economic growth. PIMCO will select the Fund's country and

currency composition based on its evaluation of relative interest rates,

inflation rates, exchange rates, monetary and fiscal policies, trade and

current account balances, legal and political developments and any

other specific factors PIMCO believes to be relevant. For the avoidance

of doubt, the Fund considers frontier markets to be a subset of

"emerging markets."

PIMCO generally considers an instrument to be "economically tied" to

an emerging market country if: the issuer is organized under the laws of

an emerging market country; the currency of settlement of the security is

a currency of an emerging market country; the security is guaranteed by

the government of an emerging market country (or any political

subdivision, agency, authority or instrumentality of such government);

for an asset-backed or other collateralized security, the country in which

the collateral backing the security is located is an emerging market

country; or the security's "country of exposure" is an emerging market

country, as determined by the criteria set forth below. With respect to

derivative instruments, PIMCO generally considers such instruments to

be "economically tied" to emerging market countries if the underlying

assets are currencies of emerging market countries (or baskets or

indexes of such currencies), or instruments or securities that are issued

or guaranteed by governments of emerging market countries or by

entities organized under the laws of emerging market countries or an

instrument's "country of exposure" is an emerging market country. A

security's "country of exposure" is determined by PIMCO using certain

factors provided by a third-party analytical service provider. The factors

are applied in order such that the first factor to result in the assignment

of a country determines the "country of exposure." Both the factors and

the order in which they are applied may change in the discretion of

PIMCO. The current factors, listed in the order in which they are applied,

are: (i) if an asset-backed or other collateralized security, the country in

which the collateral backing the security is located; (ii) the "country of

risk" of the issuer; (iii) if the security is guaranteed by the government of

a country (or any political subdivision, agency, authority or

instrumentality of such government), the country of the government or

instrumentality providing the guarantee; (iv) the "country of risk" of the

issuer's ultimate parent; or (v) the country where the issuer is organized

or incorporated under the laws thereof. "Country of risk" is a separate

four-part test determined by the following factors, listed in order of

importance: (i) management location (the location of key issuer leaders

such as the Chief Executive Officer, Chief Financial Officer, Chief

Operating Officer and/or General Counsel); (ii) country of primary listing

(the country of the exchange on which an issuer's primary class of

common stock is listed); (iii) country to which the largest proportion of

the issuer's sales or revenue is attributable; and (iv) reporting currency

of the issuer (the currency used to report financial information in an

issuer's financial statements).

The Fund focuses its investments in Asia, Africa, the Middle East, Latin

America and the developing countries of Europe. The Fund may invest in

instruments whose return is based on the return of an emerging market

security or a currency of an emerging market country, such as a

derivative instrument, rather than investing directly in emerging market

securities or currencies.

The Fund may invest in and/or originate loans, including, without

limitation, residential and/or commercial real estate or mortgage-related

loans, consumer loans or other types of loans, which may be in the form

of whole loans, assignments, participations, secured and unsecured

notes, senior and second lien loans, mezzanine loans, bridge loans or

similar investments. The Fund may invest in and/or originate loans to

corporations and/or other legal entities and individuals, including

foreign (non-U.S.) and emerging market entities and individuals. Such

borrowers may have credit ratings that are determined by one or more

NRSROs or PIMCO to be below investment grade. The loans the Fund

invests in or originates may vary in maturity and/or duration. The Fund is

------

45 Prospectus

\| Interval Funds

------

Prospectus

------

not limited in the amount, size or type of loans it may invest in and/or

originate, including with respect to a single borrower or with respect to

borrowers that are determined to be below investment grade, other

than pursuant to any applicable law. The Fund's investments in or

origination of loans may also be limited by the requirements the Fund

intends to observe under Subchapter M of the Code in order to qualify

as a regulated investment company.

The Fund may invest up to 20% of its net assets (plus any borrowings

for investment purposes) in securities of U.S. issuers and in securities of

foreign (non-U.S.) issuers in developed markets. The Fund may also

invest directly in foreign currencies, including currencies of emerging

market countries.

The Fund may, but is not required to, utilize various derivative strategies

(both long and short positions) involving the purchase or sale of futures

and forward contracts (including foreign currency exchange contracts),

call and put options, credit default swaps, total return swaps, basis

swaps and other swap agreements and other derivative instruments for

investment purposes, leveraging purposes or in an attempt to hedge

against market, credit, interest rate, currency and other risks in the

portfolio. The Fund may purchase and sell securities on a when-issued,

delayed delivery or forward commitment basis and may engage in short

sales. The Fund may also seek to obtain market exposure to the

securities in which it invests by entering into a series of purchase and

sale contracts. The Fund may use derivative instruments for other

purposes, including to increase liquidity, provide efficient portfolio

management, broaden investment opportunities (including taking short

or negative positions), implement a tax or cash management strategy,

gain exposure to a particular security or segment of the market, modify

the effective duration of the Fund's portfolio investments and/or

enhance total return.

The Fund may invest in equity securities, including common stocks,

common shares of other investment companies (including those advised

by PIMCO), such as open-end or closed-end management investment

companies and domestic and foreign ETFs, shares of private funds or

REITs and preferred stock. The Fund's investment in private funds may

include investments in private equity funds and hedge funds that rely on

the exclusion from the definition of "investment company" in

Section 3(c)(1) or Section 3(c)(7) of the 1940 Act. Common stocks

include common shares and other common equity interests issued by

public or private issuers. The Fund may invest in securities that have not

been registered for public sale in the U.S. or relevant

non-U.S. jurisdiction, including without limitation securities eligible for

purchase and sale pursuant to Rule 144A under the Securities Act, or

relevant provisions of applicable non-U.S. law, and other securities

issued in private placements. The Fund may invest in securities of

companies with any market capitalization, including small, medium and

large capitalizations.

The Fund may invest, either directly or indirectly through its Subsidiaries,

in Alt Lending ABS backed by consumer, residential or other loans,

issued by an SPE sponsored by an online or alternative lending platform

or an affiliate thereof.

When acquiring and/or originating loans, or purchasing Alt Lending ABS,

the Fund is not restricted by any particular borrower credit criteria.

Accordingly, certain loans acquired or originated by the Fund or

underlying any Alt Lending ABS purchased by the Fund may be subprime

in quality, or may become subprime in quality.

To the extent consistent with the applicable liquidity requirements for

interval funds under Rule 23c-3 under the 1940 Act, the Fund may

invest without limit in illiquid investments.

The Fund may make investments in debt instruments and other

securities directly or through one or more Subsidiaries. Each Subsidiary,

for example, may invest in or originate whole loans or shares,

certificates, notes or other securities representing the right to receive

principal and interest payments due on fractions of whole loans or pools

of whole loans, or any other security or other instrument that the Fund

may hold directly. References herein to the Fund include references to a

Subsidiary in respect of the Fund's investment exposure. The allocation

of the Fund's portfolio in a Subsidiary will vary over time and might not

always include all of the different types of investments described herein.

The Fund will treat a Subsidiary's assets as assets of the Fund for

purposes of determining compliance with various provisions of the 1940

Act applicable to the Fund, including those relating to investment

policies (Section 8), capital structure and leverage (Section 18) and

affiliated transactions and custody (Section 17). In addition, PIMCO and

the Fund's Board of Trustees will comply with the provisions of

Section 15 of the 1940 Act with respect to a Subsidiary's investment

advisory contract.

The Fund has received exemptive relief from the SEC that, to the extent

the Fund relies on such relief, permits it to (among other things)

co-invest with certain other persons, including certain affiliates of the

Investment Manager and certain public or private funds managed by

PIMCO and its affiliates, subject to certain terms and conditions. The

exemptive relief from the SEC with respect to co-investments imposes

extensive conditions on any co-investments made in reliance on such

relief.

Temporary defensive investments.

The Fund may make short-term

investments when attempting to respond to adverse market, economic,

political, or other conditions, as determined by PIMCO. Upon PIMCO's

recommendation, the Fund may, for temporary defensive purposes,

deviate from its investment strategy by investing some or all of its total

assets in investments such as high grade debt securities, including high

quality, short-term debt securities, and cash and cash equivalents. The

Fund may not achieve its investment objective when it does so.

Additional Information

The following provides additional information regarding the types of

securities and other instruments in which the Fund will ordinarily invest.

A more detailed discussion of these and other instruments and

investment techniques that may be used by the Fund is provided under

"Investment Objective and Policies" in the Statement of Additional

Information.

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High Yield Securities and Distressed Companies

The Fund may invest without limit in debt instruments that are, at the

time of purchase, rated below "investment grade" by at least one of

Moody's, S&P Global Ratings or Fitch, or unrated but determined by

PIMCO to be of comparable quality. "Investment grade" means a

rating, in the case of Moody's, of Baa3 or higher, or in the case of S&P

and Fitch, of BBB-or higher. The Fund may invest in securities of

stressed, distressed or defaulted issuers, which include securities at risk

of being in default as to the repayment of principal and/or interest at

the time of acquisition by the Fund or that are rated in the lower rating

categories by one or more NRSROs (for example, Ca or lower by

Moody's or CC or lower by S&P or Fitch) or, if unrated, are determined

by PIMCO to be of comparable quality. The Fund may invest in defaulted

securities and debtor-in-possession financings. Below investment grade

securities are commonly referred to as "high yield" securities or "junk

bonds." High yield securities involve a greater degree of risk (in

particular, a greater risk of default) than, and special risks in addition to

the risks associated with, investment grade debt obligations. While

offering a greater potential opportunity for capital appreciation and

higher yields, high yield securities typically entail greater potential price

volatility and may be less liquid than higher-rated securities. High yield

securities may be regarded as predominantly speculative with respect to

the issuer's continuing ability to make timely principal and interest

payments. They also may be more susceptible to real or perceived

adverse economic and competitive industry conditions than higher-rated

securities. Debt securities in the lowest investment grade category also

may be considered to possess some speculative characteristics by

certain ratings agencies.

The market values of high yield securities tend to reflect individual

developments of the issuer to a greater extent than do higher-quality

securities, which tend to react mainly to fluctuations in the general level

of interest rates. In addition, lower-quality debt securities tend to be

more sensitive to general economic conditions. Certain emerging market

governments that issue high yield securities in which the Fund may

invest are among the largest debtors to commercial banks, foreign

governments and supranational organizations, such as the World Bank,

and may not be able or willing to make principal and/or interest

payments as they come due.

Credit ratings and unrated securities.

Rating agencies are private

services that provide ratings of the credit quality of debt obligations.

Appendix A to this prospectus describes the various ratings assigned to

debt obligations by Moody's, S&P and Fitch. As noted in Appendix A,

Moody's, S&P and Fitch may modify their ratings of securities to show

relative standing within a rating category, with the addition of

numerical modifiers (1, 2 or 3) in the case of Moody's, and with the

addition of a plus (+) or minus (-) sign in the case of S&P and Fitch.

Ratings assigned by a rating agency are not absolute standards of credit

quality and do not evaluate market risks. Rating agencies may fail to

make timely changes in credit ratings, and an issuer's current financial

condition may be better or worse than a rating indicates. The Fund will

not necessarily sell a security when its rating is reduced below its rating

at the time of purchase. PIMCO does not rely solely on credit ratings,

and develops its own analysis of issuer credit quality. The ratings of a

debt security may change over time. Moody's, S&P and Fitch monitor

and evaluate the ratings assigned to securities on an ongoing basis. As a

result, debt instruments held by the Fund could receive a higher rating

(which would tend to increase their value) or a lower rating (which

would tend to decrease their value) during the period in which they are

held by the Fund.

The Fund may invest without limit in unrated securities (which are not

rated by a rating agency) if PIMCO determines, in its sole discretion, that

the security is of comparable quality to a rated security that the Fund

may purchase. In making determinations, PIMCO may take into account

different factors than those taken into account by rating agencies, and

PIMCO's rating of a security may differ from the rating that a rating

agency may have given the same securities. Unrated securities may be

less liquid than comparable rated securities and involve the risk that

PIMCO may not accurately evaluate the security's comparative credit

quality, which could result in the Fund's portfolio having a higher level

of credit and/or high yield risk than PIMCO has estimated or desires for

the Fund, and could negatively impact the Fund's performance and/or

returns. The Fund may invest a substantial portion of its assets in

unrated securities and therefore may be particularly subject to the

associated risks. Analysis of the creditworthiness of issuers of high yield

securities may be more complex than for issuers of higher-quality debt

obligations. To the extent that the Fund invests in high yield and/or

unrated securities, the Fund's success in achieving its investment

objective may depend more heavily on the portfolio managers'

creditworthiness analysis than if the Fund invested exclusively in

higher-quality and rated securities.

Foreign (Non-U.S.) Investments

The Fund may invest some or all of its assets in U.S. dollar-denominated

debt obligations of foreign issuers or supranational government

agencies. The Fund may invest without limit in securities denominated in

foreign currencies, including sovereign debt issued by foreign developed

and emerging market governments and their respective sub-divisions,

agencies or instrumentalities, government sponsored enterprises and

supranational government entities. Supranational entities include

international organizations that are organized or supported by one or

more government entities to promote economic reconstruction or

development and by international banking institutions and related

governmental agencies. As a holder of such debt securities, the Fund

may be requested to participate in the rescheduling of such debt and to

extend further loans to governmental entities. In addition, there are

generally no bankruptcy proceedings similar to those in the

United States by which defaulted foreign debt securities may be

collected. Investing in foreign securities involves special risks and

considerations not typically associated with investing in U.S. securities.

See "Principal Risks of the Fund-Foreign (Non-U.S.) Investment Risk."

The Fund may invest in Brady Bonds, which are securities created

through the exchange of existing commercial bank loans to sovereign

entities for new obligations in connection with a debt restructuring.

Investments in Brady Bonds may be viewed as speculative. Brady Bonds

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acquired by the Fund may be subject to restructuring arrangements or

to requests for new credit, which may cause the Fund to realize a loss of

interest or principal on any of its portfolio holdings.

The foreign securities in which the Fund may invest include without

limitation Eurodollar obligations and "Yankee Dollar" obligations.

Eurodollar obligations are U.S. dollar-denominated certificates of

deposit and time deposits issued outside the U.S. capital markets by

foreign branches of U.S. banks and by foreign banks. Yankee Dollar

obligations are U.S. dollar-denominated obligations issued in the

U.S. capital markets by foreign banks. Eurodollar and Yankee Dollar

obligations are generally subject to the same risks that apply to

domestic debt issues, notably credit risk, interest rate risk, market risk

and liquidity risk. Additionally, Eurodollar (and to a limited extent,

Yankee Dollar) obligations are subject to certain sovereign risks. One

such risk is the possibility that a sovereign country might prevent

capital, in the form of U.S. dollars, from flowing across its borders. Other

risks include adverse political and economic developments; the extent

and quality of government regulation of financial markets and

institutions; the imposition of foreign withholding or other taxes; market

disruptions, the possibility of security suspensions; the expropriation or

nationalization of foreign issuers or the imposition of sanctions or other

similar measures.

The Fund may also invest in American Depositary Receipts ("ADRs"),

European Depositary Receipts ("EDRs") or Global Depositary Receipts

("GDRs"). ADRs are U.S. dollar-denominated receipts issued generally

by domestic banks and represent the deposit with the bank of a security

of a non-U.S. issuer. EDRs are foreign currency-denominated receipts

similar to ADRs and are issued and traded in Europe, and are publicly

traded on exchanges or OTC in the United States. GDRs may be offered

privately in the United States and also trade in public or private markets

in other countries. ADRs, EDRs and GDRs may be issued as sponsored or

unsponsored programs. In sponsored programs, an issuer has made

arrangements to have its securities trade in the form of ADRs, EDRs or

GDRs. In unsponsored programs, the issuer may not be directly involved

in the creation of the program. Although regulatory requirements with

respect to sponsored and unsponsored programs are generally similar, in

some cases it may be easier to obtain financial information from an

issuer that has participated in the creation of a sponsored program.

Emerging Markets Investments

The Fund will invest, under normal circumstances, at least 80% of its

net assets (plus any borrowings for investment purposes) in a portfolio

of instruments that are tied economically to "emerging market"

countries, and the Fund may invest without limit in securities of issuers

based in or doing business in emerging market countries or in securities

denominated in the currencies of emerging market countries. In the case

of money market instruments other than commercial paper and

certificates of deposit, such instruments will be considered economically

tied to an emerging market country if the issuer of such money market

instrument is organized under the laws of an emerging market country.

In the case of commercial paper and certificates of deposit, instruments

will be considered economically tied to an emerging market country if

the "country of exposure" of such instrument is an emerging market

country. PIMCO generally considers an instrument to be economically

tied to an emerging market country if: the issuer is organized under the

laws of an emerging market country; the currency of settlement of the

security is a currency of an emerging market country; the security is

guaranteed by the government of an emerging market country (or any

political subdivision, agency, authority or instrumentality of such

government); for an asset-backed or other collateralized security, the

country in which the collateral backing the security is located is an

emerging market country; or the security's "country of exposure" is an

emerging market country, as determined by the criteria set forth below.

With respect to derivative instruments, PIMCO generally considers such

instruments to be economically tied to emerging market countries if the

underlying assets are currencies of emerging market countries (or

baskets or indexes of such currencies), or instruments or securities that

are issued or guaranteed by governments of emerging market countries

or by entities organized under the laws of emerging market countries or

an instrument's "country of exposure" is an emerging market country.

PIMCO will consider emerging market country and currency composition

based on its evaluation of relative interest rates, inflation rates,

exchange rates, monetary and fiscal policies, trade and current account

balances, legal and political developments and any other specific factors

it believes to be relevant. PIMCO may identify a particular country as an

emerging market with respect to the Fund that may not be identified as

an emerging market with respect to other funds managed by PIMCO.

Investing in emerging market securities imposes risks different from, or

greater than, risks of investing in domestic securities or in foreign

developed countries. The securities and currency markets of emerging

market countries are generally smaller, less developed, less liquid, and

more volatile than the securities and currency markets of the

United States and other developed markets and disclosure and

regulatory standards in many respects are less stringent. There also may

be a lower level of monitoring and regulation of securities markets in

emerging market countries and the activities of investors in such

markets and enforcement of existing regulations may be extremely

limited. Government enforcement of existing securities regulations is

limited, and any enforcement may be arbitrary and the results may be

difficult to predict. In addition, reporting requirements of emerging

market countries with respect to the ownership of securities are more

likely to be subject to interpretation or changes without prior notice to

investors than more developed countries.

Many emerging market countries have experienced substantial, and in

some periods extremely high, rates of inflation for many years. Inflation

and rapid fluctuations in inflation rates have had and may continue to

have negative effects on such countries' economies and securities

markets.

Economies of emerging market countries generally are heavily

dependent upon international trade and, accordingly, have been and

may continue to be affected adversely by trade barriers, exchange

controls, managed adjustments in relative currency values, and other

protectionist measures imposed or negotiated by the countries with

which they trade. The economies of emerging market countries also

have been and may continue to be adversely affected by economic

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conditions in the countries with which they trade. The economies of

emerging market countries may also be predominantly based on only a

few industries or dependent on revenues from particular commodities.

In addition, custodial services and other investment-related costs may

be more expensive in emerging markets than in many developed

markets, which could reduce the Fund's income from securities or debt

instruments of emerging market country issuers.

Governments of many emerging market countries have exercised and

continue to exercise substantial influence over many aspects of the

private sector. In some cases, the government owns or controls many

companies, including some of the largest in the country. Accordingly,

government actions could have a significant effect on economic

conditions in an emerging market country and on market conditions,

prices and yields of securities in the Fund's portfolio.

Emerging market countries are more likely than developed market

countries to experience political uncertainty and instability, including

the risk of war, terrorism, nationalization, limitations on the removal of

funds or other assets, or diplomatic developments that affect

investments in these countries. No assurance can be given that adverse

political changes will not cause the Fund to suffer a loss of any or all of

its investments in emerging market countries or interest/dividend

income thereon.

Foreign investment in certain emerging market country securities is

restricted or controlled to varying degrees. These restrictions or controls

may at times limit or preclude foreign investment in certain emerging

market country securities and increase the costs and expenses of the

Fund. Certain emerging market countries require governmental approval

prior to investments by foreign persons, limit the amount of investment

by foreign persons in a particular issuer, limit the investment by foreign

persons only to a specific class of securities of an issuer that may have

less advantageous rights than the classes available for purchase by

domiciliaries of the countries and/or impose additional taxes on foreign

investors. Certain emerging market countries may also restrict

investment opportunities in issuers in industries deemed important to

national interests. Emerging market countries may require governmental

approval for the repatriation of investment income, capital or the

proceeds of sales of securities by foreign investors.

Also, because publicly traded debt instruments of emerging market

issuers represent a relatively recent innovation in the world debt

markets, there is little historical data or related market experience

concerning the attributes of such instruments under all economic,

market and political conditions.

As reflected in the above discussion, investments in emerging market

securities involve a greater degree of risk than, and special risks in

addition to the risks associated with, investments in domestic securities

or in securities of foreign developed countries. See "Principal Risks of

the Fund—Emerging Markets Risk."

Foreign Currencies and Related Transactions

The Fund's Common Shares are priced in U.S. dollars and the

distributions paid by the Fund to Common Shareholders are paid in

U.S. dollars. However, a significant portion of the Fund's assets may be

denominated in foreign (non-U.S.) currencies and the income received

by the Fund from many foreign debt obligations will be paid in foreign

currencies. The Fund also may invest in or gain exposure to foreign

currencies themselves for investment or hedging purposes. The Fund's

investments in securities that trade in, or receive revenues in, foreign

currencies will be subject to currency risk, which is the risk that

fluctuations in the exchange rates between the U.S. dollar and foreign

currencies may negatively affect an investment. See "Principal Risks of

the Fund—Currency Risk." The Fund may (but is not required to) hedge

some or all of its exposure to foreign currencies through the use of

derivative strategies. For instance, the Fund may enter into forward

foreign currency exchange contracts, and may buy and sell foreign

currency futures contracts and options on foreign currencies and foreign

currency futures. A forward foreign currency exchange contract, which

involves an obligation to purchase or sell a specific currency at a future

date at a price set at the time of the contract, may reduce the Fund's

exposure to changes in the value of the currency it will deliver and

increase its exposure to changes in the value of the currency it will

receive for the duration of the contract. The effect on the value of the

Fund is similar to selling securities denominated in one currency and

purchasing securities denominated in another currency. Foreign currency

transactions, like currency exchange rates, can be affected unpredictably

by intervention (or the failure to intervene) by U.S. or foreign

governments or central banks, or by currency controls or political

developments. Such events may prevent or restrict the Fund's ability to

enter into foreign currency transactions, force the Fund to exit a foreign

currency transaction at a disadvantageous time or price or result in

penalties for the Fund, any of which may result in a loss to the Fund.

Contracts to sell foreign currency would limit any potential gain that

might be realized by the Fund if the value of the hedged currency

increases. The Fund may enter into these contracts to hedge against

foreign exchange risk arising from the Fund's investment or anticipated

investment in securities denominated in foreign currencies. Suitable

hedging transactions may not be available in all circumstances and

there can be no assurance that the Fund will engage in such

transactions at any given time or from time to time when they would be

beneficial. Although PIMCO has the flexibility to engage in such

transactions for the Fund, it may determine not to do so or to do so only

in unusual circumstances or market conditions. Also, these transactions

may not be successful and may eliminate any chance for the Fund to

benefit from favorable fluctuations in relevant foreign currencies.

The Fund may also use derivatives contracts for purposes of increasing

exposure to a foreign currency or to shift exposure to foreign currency

fluctuations from one currency to another. To the extent that it does so,

the Fund will be subject to the additional risk that the relative value of

currencies will be different than anticipated by PIMCO.

Please see "Investment Objective and Policies—Foreign (Non-U.S.)

Securities," "Investment Objective and Policies—Foreign Currency

Transactions" and "Investment Objective and Policies—Foreign

Currency Exchange-Related Securities" in the Statement of Additional

Information for a more detailed description of the types of foreign

investments and foreign currency transactions in which the Fund may

invest or engage and their related risks.

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Mortgage-Related and Other Asset-Backed Instruments

The Fund may invest in a variety of mortgage-related and other

asset-backed instruments issued by government agencies or other

governmental entities or by private originators or issuers.

Mortgage-related assets include, but are not limited to, any security,

instrument or other asset that is related to U.S. or non U.S. mortgages,

including those issued by private originators or issuers, or issued or

guaranteed as to principal or interest by the U.S. Government or its

agencies or instrumentalities or by non-U.S. governments or authorities,

such as, without limitation, assets representing interests in,

collateralized or backed by, or whose values are determined in whole or

in part by reference to any number of mortgages or pools of mortgages

or the payment experience of such mortgages or pools of mortgages,

including Real Estate Mortgage Investment Conduits ("REMICs"), which

could include resecuritizations of REMICs ("Re-REMICs"), mortgage

pass-through securities, inverse floaters, collateralized mortgage

obligations, collateralized loan obligations, multi-class pass-through

securities, private mortgage pass-through securities, stripped mortgage

securities (generally interest-only and principal-only securities),

mortgage-related asset backed securities and mortgage-related loans

(including through participations, assignments, originations and whole

loans), including commercial and residential mortgage loans. Such

mortgage loans may include non-performing loans, which may include

(but not be limited to) loans where a borrower is delinquent in

payments or loans that are in or close to default, and reperforming

loans ("RPLs"), which are loans that have previously been delinquent

but are current at the time securitized. REMICs are special purpose

vehicles used to pool mortgage loans and issue mortgage-backed

securities. They are designed to hold a fixed pool of mortgages and issue

multiple classes of interests, known as tranches, to investors. REMICs

are treated as pass-through entities for tax purposes, meaning that

income is passed directly to investors, thereby avoiding double taxation.

The primary purpose of REMICs is to securitize mortgage loans,

providing liquidity and diversification to investors. The purpose of

Re-REMICs is to restructure existing mortgage-backed securities to

better meet investor needs, manage risk and enhance liquidity. Both

REMICs and Re-REMICs play significant roles in the mortgage-backed

securities market, offering mechanisms for the securitization and

re-securitization of mortgage loans. Exposures to mortgage-related

assets through derivatives or other financial instruments will be

considered investments in mortgage-related assets.

Mortgage Pass-Through Securities.

Interests in pools of

mortgage-related securities differ from other forms of debt securities,

which normally provide for periodic payment of interest in fixed

amounts with principal payments at maturity or specified call dates.

Instead, these securities provide a monthly payment which consists of

both interest and principal payments. In effect, these payments are a

"pass through" of the monthly payments made by the individual

borrowers on their residential or commercial mortgage loans, net of any

fees paid to the issuer or guarantor of such securities. Additional

payments are caused by repayments of principal resulting from the sale

of the underlying property, refinancing or foreclosure, net of fees or

costs that may be incurred. Some mortgage-related assets (such as

securities issued by GNMA) are described as "modified pass-through."

These securities entitle the holder to receive all interest and principal

payments owed on the mortgage pool, net of certain fees, at the

scheduled payment dates regardless of whether or not the mortgagor

actually makes the payment.

The rate of pre-payments on underlying mortgages will affect the price

and volatility of a mortgage-related security, and may have the effect of

shortening or extending the effective duration of the security relative to

what was anticipated at the time of purchase. To the extent that

unanticipated rates of prepayment on underlying mortgages increase

the effective duration of a mortgage-related security, the volatility of

such security can be expected to increase. The mortgage market in the

United States has experienced heightened difficulties over the past

several years that may adversely affect the performance and market

value of mortgage-related investments. Delinquencies and losses on

residential and commercial mortgage loans (especially subprime and

second-lien residential mortgage loans) generally have increased

recently and may continue to increase, and a decline in or flattening of

property values (as has recently been experienced and may continue to

be experienced in many markets) may exacerbate such delinquencies

and losses. Borrowers with adjustable-rate mortgage loans are more

sensitive to changes in interest rates, which affect their monthly

mortgage payments, and may be unable to secure replacement

mortgages at comparably low interest rates. Also, a number of

residential mortgage loan originators have recently experienced serious

financial difficulties or bankruptcy. Owing largely to the foregoing,

reduced investor demand for mortgage loans and mortgage-related

securities and increased investor yield requirements have caused limited

liquidity in the secondary market for mortgage-related securities, which

can adversely affect the market value of mortgage-related securities. It

is possible that such limited liquidity in such secondary markets could

continue or worsen.

The principal U.S. governmental guarantor of mortgage-related

securities is GNMA. GNMA is a wholly owned U.S. Government

corporation within the Department of Housing and Urban Development.

GNMA is authorized to guarantee, with the full faith and credit of the

U.S. Government, the timely payment of principal and interest on

securities issued by institutions approved by GNMA (such as savings

and loan institutions, commercial banks and mortgage bankers) and

backed by pools of mortgages insured by the Federal Housing

Administration (the "FHA"), or guaranteed by the Department of

Veterans Affairs (the "VA"). Government-related guarantors (i.e., not

backed by the full faith and credit of the U.S. Government) include

FNMA and FHLMC. FNMA is a government-sponsored corporation the

common stock of which is owned entirely by private shareholders.

FNMA purchases conventional (i.e., not insured or guaranteed by any

government agency) residential mortgages from a list of approved

seller/servicers which include state and federally chartered savings and

loan associations, mutual savings banks, commercial banks and credit

unions and mortgage bankers. Passthrough securities issued by FNMA

are guaranteed as to timely payment of principal and interest by FNMA,

but are not backed by the full faith and credit of the U.S. Government.

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the availability of mortgage credit for residential housing. It is a

government-sponsored corporation that issues Participation Certificates

("PCs"), which are pass-through securities, each representing an

undivided interest in a pool of residential mortgages. FHLMC

guarantees the timely payment of interest and ultimate collection of

principal, but PCs are not backed by the full faith and credit of the

U.S. Government. Under the direction of the Federal Housing Finance

Agency, FNMA and FHLMC have entered into a joint initiative to

develop a common securitization platform for the issuance of a uniform

mortgage-backed security (the "Single Security Initiative") that aligns

the characteristics of FNMA and FHLMC certificates. The Single Security

Initiative was implemented in June 2019, and the long-term effects it

may have on the market for mortgage-backed securities are uncertain.

FNMA and FHLMC also securitize RPLs. For example, in FNMA's case,

the RPLs are single-family, fixed rate reperforming loans that generally

were previously placed in an MBS trust guaranteed by FNMA, purchased

from the trust by FNMA and held as a distressed asset after four or

more months of delinquency, and subsequently became current (i.e.,

performing) again. Such RPLs may have exited delinquency through

efforts at reducing defaults (e.g., loan modification). In selecting RPLs

for securitization, FNMA follows certain criteria related to length of time

the loan has been performing, the type of loan (single-family, fixed

rate), and the status of the loan as first lien, among other things. FNMA

may include different loan structures and modification programs in the

future.

On September 6, 2008, the Federal Housing Finance Agency ("FHFA")

placed FNMA and FHLMC into conservatorship. As the conservator,

FHFA succeeded to all rights, titles, powers and privileges of FNMA and

FHLMC and of any shareholder, officer or director of FNMA and FHLMC

with respect to FNMA and FHLMC and the assets of FNMA and FHLMC.

FHFA selected a new chief executive officer and chairman of the board

of directors for each of FNMA and FHLMC. In connection with the

conservatorship, the U.S. Treasury entered into a Senior Preferred Stock

Purchase Agreement with each of FNMA and FHLMC pursuant to which

the U.S. Treasury will purchase up to an aggregate of $100 billion of

each of FNMA and FHLMC to maintain a positive net worth in each

enterprise. This agreement contains various covenants that severely limit

each enterprise's operations. In exchange for entering into these

agreements, the U.S. Treasury received $1 billion of each enterprise's

senior preferred stock and warrants to purchase 79.9% of each

enterprise's common stock. On February 18, 2009, the U.S. Treasury

announced that it was doubling the size of its commitment to each

enterprise under the Senior Preferred Stock Program to $200 billion. The

U.S. Treasury's obligations under the Senior Preferred Stock Program are

for an indefinite period of time for a maximum amount of $200 billion

per enterprise. On December 24, 2009, the U.S. Treasury announced

further amendments to the Senior Preferred Stock Purchase Agreements

which included additional financial support to certain governmentally

supported entities, including the FHLBs, FNMA and FHLMC. There is no

assurance that the obligations of such entities will be satisfied in full, or

that such obligations will not decrease in value or default. It is difficult,

if not impossible, to predict the future political, regulatory or economic

changes that could impact the FNMA, FHLMC and the FHLBs, and the

values of their related securities or obligations.

FNMA and FHLMC are continuing to operate as going concerns while in

conservatorship and each remain liable for all of its obligations,

including its guaranty obligations, associated with its mortgage-backed

securities.

Under the Federal Housing Finance Regulatory Reform Act of 2008 (the

"Reform Act"), which was included as part of the Housing and

Economic Recovery Act of 2008, FHFA, as conservator or receiver, has

the power to repudiate any contract entered into by FNMA or FHLMC

prior to FHFA's appointment as conservator or receiver, as applicable, if

FHFA determines, in its sole discretion, that performance of the contract

is burdensome and that repudiation of the contract promotes the

orderly administration of FNMA's or FHLMC's affairs. The Reform Act

requires FHFA to exercise its right to repudiate any contract within a

reasonable period of time after its appointment as conservator or

receiver. FHFA, in its capacity as conservator, has indicated that it has no

intention to repudiate the guaranty obligations of FNMA or FHLMC

because FHFA views repudiation as incompatible with the goals of the

conservatorship. However, in the event that FHFA, as conservator or if it

is later appointed as receiver for FNMA or FHLMC, were to repudiate

any such guaranty obligation, the conservatorship or receivership estate,

as applicable, would be liable for actual direct compensatory damages

in accordance with the provisions of the Reform Act. Any such liability

could be satisfied only to the extent of FNMA's or FHLMC's assets

available therefor. In the event of repudiation, the payments of interest

to holders of FNMA or FHLMC mortgage-backed securities would be

reduced if payments on the mortgage loans represented in the

mortgage loan groups related to such mortgage-backed securities are

not made by the borrowers or advanced by the servicer. Any actual

direct compensatory damages for repudiating these guaranty

obligations may not be sufficient to offset any shortfalls experienced by

such mortgage-backed security holders. Further, in its capacity as

conservator or receiver, FHFA has the right to transfer or sell any asset or

liability of FNMA or FHLMC without any approval, assignment or

consent. Although FHFA has stated that it has no present intention to

do so, if FHFA, as conservator or receiver, were to transfer any such

guaranty obligation to another party, holders of FNMA or FHLMC

mortgage-backed securities would have to rely on that party for

satisfaction of the guaranty obligation and would be exposed to the

credit risk of that party. In addition, certain rights provided to holders of

mortgage-backed securities issued by FNMA and FHLMC under the

operative documents related to such securities may not be enforced

against FHFA, or enforcement of such rights may be delayed, during the

conservatorship or any future receivership. The operative documents for

FNMA and FHLMC mortgage-backed securities may provide (or with

respect to securities issued prior to the date of the appointment of the

conservator may have provided) that upon the occurrence of an event of

default on the part of FNMA or FHLMC, in its capacity as guarantor,

which includes the appointment of a conservator or receiver, holders of

such mortgage-backed securities have the right to replace FNMA or

FHLMC as trustee if the requisite percentage of mortgage-backed

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securities holders consent. The Reform Act prevents mortgage-backed

security holders from enforcing such rights if the event of default arises

solely because a conservator or receiver has been appointed. The

Reform Act also provides that no person may exercise any right or

power to terminate, accelerate or declare an event of default under

certain contracts to which FNMA or FHLMC is a party, or obtain

possession of or exercise control over any property of FNMA or FHLMC,

or affect any contractual rights of FNMA or FHLMC, without the

approval of FHFA, as conservator or receiver, for a period of 45 or

90 days following the appointment of FHFA as conservator or receiver,

respectively.

Commercial banks, savings and loan institutions, private mortgage

insurance companies, mortgage bankers and other secondary market

issuers also create pass-through pools of conventional residential

mortgage loans. Such issuers may be the originators and/or servicers of

the underlying mortgage loans as well as the guarantors of the

issuers generally offer a higher rate of interest than government and

government-related pools because there are no direct or indirect

government or agency guarantees of payments in the former pools.

However, timely payment of interest and principal of these pools may be

supported by various forms of insurance or guarantees, including

individual loan, title, pool and hazard insurance and letters of credit,

which may be issued by governmental entities or private insurers. Such

insurance and guarantees and the creditworthiness of the issuers

thereof will be considered in determining whether a mortgage-related

security should be purchased for the Fund. There can be no assurance

that the private insurers or guarantors can meet their obligations under

the insurance policies or guarantee arrangements. The Fund may buy

mortgage-related securities without insurance or guarantees. Securities

issued by certain private organizations may not be readily marketable.

Privately Issued Mortgage-Related Securities.

Commercial

banks, savings and loan institutions, private mortgage insurance

companies, mortgage bankers and other secondary market issuers also

create pass-through pools of conventional residential mortgage loans.

Such issuers may be the originators and/or servicers of the underlying

mortgage loans as well as the guarantors of the mortgage-related

offer a higher rate of interest than government and government-related

pools because there are no direct or indirect government or agency

guarantees of payments in the former pools. However, timely payment

of interest and principal of these pools may be supported by various

forms of insurance or guarantees, including individual loan, title, pool

and hazard insurance and letters of credit, which may be issued by

governmental entities or private insurers. Such insurance and

guarantees and the creditworthiness of the issuers thereof will be

considered in determining whether a mortgage-related security meets

the Fund's investment quality standards. There can be no assurance that

insurers or guarantors can meet their obligations under the insurance

policies or guarantee arrangements. The Fund may buy

mortgage-related securities without insurance or guarantees. Securities

issued by certain private organizations may not be readily marketable.

Privately issued mortgage-related securities are not subject to the same

underwriting requirements for the underlying mortgages that are

applicable to those mortgage-related securities that have a government

or government-sponsored entity guarantee. As a result, the mortgage

loans underlying privately issued mortgage-related securities may, and

frequently do, have less favorable collateral, credit risk or other

underwriting characteristics than government or government-sponsored

mortgage-related securities and have wider variances in a number of

terms including interest rate, term, size, purpose and borrower

characteristics. Mortgage pools underlying privately issued

mortgage-related securities more frequently include second mortgages,

high loan-to-value ratio mortgages and manufactured housing loans, in

addition to commercial mortgages and other types of mortgages where

a government or government-sponsored entity guarantee is not

available. The coupon rates and maturities of the underlying mortgage

loans in a privately-issued mortgage-related securities pool may vary to

a greater extent than those included in a government guaranteed pool,

and the pool may include subprime mortgage loans. Subprime loans are

loans made to borrowers with weakened credit histories or with a lower

capacity to make timely payments on their loans. For these reasons, the

loans underlying these securities have had in many cases higher default

rates than those loans that meet government underwriting

requirements.

The risk of non-payment is greater for mortgage-related securities that

are backed by loans that were originated under weak underwriting

standards, including loans made to borrowers with limited means to

make repayment. A level of risk exists for all loans, although, historically,

the poorest performing loans have been those classified as subprime.

Other types of privately issued mortgage-related securities, such as

those classified as pay-option adjustable rate or Alt-A have also

performed poorly. Even loans classified as prime have experienced

higher levels of delinquencies and defaults. The substantial decline in

real property values across the U.S. has exacerbated the level of losses

that investors in privately issued mortgage-related securities have

experienced. It is not certain when these trends may reverse. Market

factors that may adversely affect mortgage loan repayment include

adverse economic conditions, unemployment, a decline in the value of

real property, or an increase in interest rates.

Privately issued mortgage-related securities are not traded on an

exchange and there may be a limited market for the securities, especially

when there is a perceived weakness in the mortgage and real estate

market sectors. Without an active trading market, mortgage-related

securities held in the Fund's portfolio may be particularly difficult to

value because of the complexities involved in assessing the value of the

underlying mortgage loans.

The Fund may purchase privately issued mortgage-related securities that

are originated, packaged and serviced by third party entities. It is

possible these third parties could have interests that are in conflict with

the holders of mortgage-related securities, and such holders (such as

the Fund) could have rights against the third parties or their affiliates.

For example, if a loan originator, servicer or its affiliates engaged in

negligence or willful misconduct in carrying out its duties, then a holder

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of the mortgage-related security could seek recourse against the

originator/servicer or its affiliates, as applicable. Also, as a loan

originator/servicer, the originator/servicer or its affiliates may make

certain representations and warranties regarding the quality of the

mortgages and properties underlying a mortgage-related security. If one

or more of those representations or warranties is false, then the holders

of the mortgage-related securities (such as the Fund) could trigger an

obligation of the originator/servicer or its affiliates, as applicable, to

repurchase the mortgages from the issuing trust.

Notwithstanding the foregoing, many of the third parties that are legally

bound by trust and other documents have failed to perform their

respective duties, as stipulated in such trust and other documents, and

investors have had limited success in enforcing terms. To the extent third

party entities involved with privately issued mortgage-related securities

are involved in litigation relating to the securities, actions may be taken

that are adverse to the interests of holders of the mortgage-related

securities, including the Fund. For example, third parties may seek to

withhold proceeds due to holders of the mortgage-related securities,

including the Fund, to cover legal or related costs. Any such action could

result in losses to the Fund.

PIMCO seeks to manage the portion of the Fund's assets committed to

privately issued mortgage-related securities in a manner consistent with

the Fund's investment objective, policies and overall portfolio risk

profile. In determining whether and how much to invest in privately

issued mortgage-related securities, and how to allocate those assets,

PIMCO will consider a number of factors. These may include, but are not

limited to: (1) the nature of the borrowers (e.g., residential vs.

commercial); (2) the collateral loan type (e.g., for residential: First Lien -

Jumbo/Prime, First Lien - Alt-A, First Lien - Subprime, First Lien -

Pay-Option or Second Lien; for commercial: Conduit, Large Loan or

Single Asset / Single Borrower); and (3) in the case of residential loans,

whether they are fixed rate or adjustable mortgages. Each of these

criteria can cause privately issued mortgage-related securities to have

differing primary economic characteristics and distinguishable risk

factors and performance characteristics.

Collateralized Mortgage Obligations.

A CMO is a debt obligation

of a legal entity that is collateralized by mortgages and divided into

classes. Similar to a bond, interest and prepaid principal is paid, in most

cases, on a monthly basis. CMOs may be collateralized by whole

mortgage loans or private mortgage bonds, but are generally

collateralized by portfolios of mortgage pass-through securities

guaranteed by GNMA, FHLMC or FNMA and their income streams.

CMOs are structured into multiple classes, often referred to as

"tranches," with each class bearing a different stated maturity and

entitled to a different schedule for payments of principal and interest,

including prepayments. The riskiest portion is the "equity" tranche

which bears the bulk of defaults and serves to protect the other, more

senior tranches from default in all but the most severe circumstances.

Actual maturity and average life will depend upon the pre-payment

experience of the collateral. In the case of certain CMOs (known as

"sequential pay" CMOs), payments of principal received from the pool

of underlying mortgages, including prepayments, are applied to the

classes of CMOs in the order of their respective final distribution dates.

Thus, no payment of principal will be made to any class of sequential

pay CMOs until all other classes having an earlier final distribution date

have been paid in full. CMOs may be less liquid and may exhibit greater

price volatility than other types of mortgage- or asset-backed

instruments.

Commercial Mortgage-Backed Securities.

CMBSs include

securities that reflect an interest in, and are secured by, mortgage loans

on commercial real property. Many of the risks of investing in

commercial mortgage-backed securities reflect the risks of investing in

the real estate securing the underlying mortgage loans. These risks

reflect the effects of local and other economic conditions on real estate

markets, the ability of tenants to make loan payments and the ability of

a property to attract and retain tenants. Commercial mortgage-backed

securities may be less liquid and exhibit greater price volatility than

other types of mortgage- or asset-backed instruments.

CMO Residuals.

CMO residuals are mortgage securities issued by

agencies or instrumentalities of the U.S. Government or by private

originators of, or investors in, mortgage loans, including savings and

loan associations, homebuilders, mortgage banks, commercial banks,

investment banks and special purpose entities of the foregoing. The

cash flow generated by the mortgage assets underlying a series of a

CMO is applied first to make required payments of principal and interest

on the CMO and second to pay the related administrative expenses and

any management fee of the issuer. The residual in a CMO structure

generally represents the interest in any excess cash flow remaining after

making the foregoing payments. Each payment of such excess cash flow

to a holder of the related CMO residual represents income and/or a

return of capital. The amount of residual cash flow resulting from a CMO

will depend on, among other things, the characteristics of the mortgage

assets, the coupon rate of each class of CMO, prevailing interest rates,

the amount of administrative expenses and the prepayment experience

on the mortgage assets. In particular, the yield to maturity on CMO

residuals is extremely sensitive to prepayments on the related

underlying mortgage assets, in the same manner as an interest-only (or

IO) class of stripped mortgage-backed securities (described below). In

addition, if a series of a CMO includes a class that bears interest at an

adjustable rate, the yield to maturity on the related CMO residual will

also be extremely sensitive to changes in the level of the index upon

which interest rate adjustments are based. As described below with

respect to stripped mortgage-backed securities, in certain circumstances

the Fund may fail to recoup fully its initial investment in a CMO residual.

CMO residuals are generally purchased and sold by institutional

investors through several investment banking firms acting as brokers or

dealers. CMO residuals may, or pursuant to an exemption therefrom,

may not, have been registered under the Securities Act. CMO residuals,

whether or not registered under the Securities Act, may be subject to

certain restrictions on transferability.

Adjustable Rate Mortgage-Backed Securities.

ARMs have

interest rates that reset at periodic intervals. Acquiring ARMs permits the

Fund to participate in increases in prevailing current interest rates

through periodic adjustments in the coupons of mortgages underlying

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the pool on which ARMs are based. In addition, when prepayments of

principal are made on the underlying mortgages during periods of rising

interest rates, the Fund can reinvest the proceeds of such prepayments

at rates higher than those at which they were previously invested.

Mortgages underlying most ARMs, however, have limits on the

allowable annual or lifetime increases that can be made in the interest

rate that the mortgagor pays. Therefore, if current interest rates rise

above such limits over the period of the limitation, the Fund, when

holding an ARM, does not benefit from further increases in interest

rates. Moreover, when interest rates are in excess of coupon rates (i.e.,

the rates being paid by mortgagors) of the mortgages, ARMs behave

more like fixed income securities and less like adjustable-rate securities

and are subject to the risks associated with fixed income securities. In

addition, during periods of rising interest rates, increases in the coupon

rate of adjustable-rate mortgages generally lag current market interest

rates slightly, thereby creating the potential for capital depreciation on

such securities.

Stripped Mortgage-Backed Securities.

SMBSs are derivative

multi-class mortgage securities. SMBSs may be issued by agencies or

instrumentalities of the U.S. Government, or by private originators of, or

investors in, mortgage loans, including savings and loan associations,

mortgage banks, commercial banks, investment banks and special

purpose entities of the foregoing. SMBSs are usually structured with two

classes that receive different proportions of the interest and principal

distributions on a pool of mortgage assets. A common type of SMBS will

have one class receiving some of the interest and most of the principal

from the mortgage assets, while the other class will receive most of the

interest and the remainder of the principal. In the most extreme case,

one class will receive all of the interest (the IO class), while the other

class will receive all of the principal (the principal-only or PO class). The

yield to maturity on an IO class is extremely sensitive to the rate of

principal payments (including prepayments) on the related underlying

mortgage assets, and a rapid rate of principal payments may have a

material adverse effect on the Fund's yield to maturity from these

securities. If the underlying mortgage assets experience greater than

anticipated prepayments of principal, the Fund may fail to recoup some

or all of its initial investment in these securities even if the security is in

one of the highest rating categories.

Collateralized Bond Obligations, Collateralized Loan

Obligations and other Collateralized Debt Obligations.

The

Fund may invest in each of CBOs, CLOs, other CDOs and other similarly

structured securities. CBOs, CLOs and CDOs are types of asset-backed

securities. A CBO is a trust which is often backed by a diversified pool of

high risk, below investment grade fixed income securities. The collateral

can be from many different types of fixed income securities such as

high-yield debt, residential privately-issued mortgage-related securities,

commercial privately-issued mortgage-related securities, trust preferred

securities and emerging market debt. A CLO is a trust typically

collateralized by a pool of loans, which may include, among others,

domestic and foreign senior secured loans, senior unsecured loans and

subordinate corporate loans, including loans that may be rated below

investment grade or equivalent unrated loans. Other CDOs are trusts

backed by other types of assets representing obligations of various

parties. CBOs, CLOs and other CDOs may charge management fees and

administrative expenses. For CBOs, CLOs and CDOs, the cash flows from

the trust are split into two or more portions, called tranches, varying in

risk and yield. The riskiest portion is the "equity" tranche which bears

the bulk of defaults from the bonds or loans in the trust and serves to

protect the other, more senior tranches from default in all but the most

severe circumstances. Since they are partially protected from defaults,

senior tranches from a CBO trust, CLO trust or trust of another CDO

typically have higher ratings and lower yields than their underlying

securities, and can be rated investment grade. Despite the protection

from the equity tranche, CBO, CLO or other CDO tranches can

experience substantial losses due to actual defaults, increased sensitivity

to defaults due to collateral default and disappearance of protecting

tranches, market anticipation of defaults, as well as aversion to CBO,

CLO or other CDO securities as a class. The Fund may invest in any

tranche, including the equity tranche, of a CBO, CLO or other CDO. The

risks of an investment in a CBO, CLO or other CDO depend largely on

the type of the collateral securities and the class of the instrument in

which the Fund invests. Normally, CBOs, CLOs and other CDOs are

privately offered and sold, and thus, are not registered under the

securities laws. As a result, investments in CBOs, CLOs and other CDOs

may be characterized by the Fund as illiquid investments, however an

active dealer market may exist for CBOs, CLOs and other CDOs allowing

them to qualify for Rule 144A under the Securities Act. In addition to

the normal risks associated with debt instruments discussed elsewhere

in this prospectus and in the Statement of Additional Information (e.g.,

prepayment risk, credit risk, liquidity risk, market risk, structural risk,

legal risk and interest rate risk (which may be exacerbated if the interest

rate payable on a structured financing changes based on multiples of

changes in interest rates or inversely to changes in interest rates) and

default risk), CBOs, CLOs and other CDOs may carry additional risks

including, but are not limited to: (i) the possibility that distributions from

collateral securities will not be adequate to make interest or other

payments; (ii) the possibility that the quality of the collateral may

decline in value or default; (iii) the possibility that investments in CBOs,

CLOs and other CDOs are subordinate to other classes or tranches

thereof; and (iv) the complex structure of the security may not be fully

understood at the time of investment and may produce disputes with

the issuer or unexpected investment results.

Asset-Backed Securities.

The Fund may invest in any tranche,

including the equity tranche, of asset-backed securities ("ABS"), and

various types of ABS that are offered in the marketplace. ABS are bonds

backed by pools of loans or other receivables. ABS are created from

many types of assets, including auto loans, credit card receivables, home

equity loans and student loans. ABS are typically issued through special

purpose vehicles that are bankruptcy remote from the issuer of the

collateral. The credit quality of an ABS transaction depends on the

performance of the underlying assets. To protect ABS investors from the

possibility that some borrowers could miss payments or even default on

their loans, ABS include various forms of credit enhancement. Some

ABS, particularly home equity loan ABS, are subject to interest rate risk

and prepayment risk. A change in interest can affect the pace of

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payments on the underlying loans, which in turn affects total return on

the securities. ABS also carry credit or default risk. If many borrowers on

the underlying loans default, losses could exceed the credit

enhancement level and result in losses to investors in an ABS. In

addition, ABS have structural risk due to a unique characteristic known

as early amortization, or early payout, risk. Built into the structure of

most ABS are triggers for early payout, designed to protect investors

from losses. These triggers are unique to each transaction and can

include a big rise in defaults on the underlying loans, a sharp drop in the

credit enhancement level or even the bankruptcy of the originator. Once

early amortization begins, all incoming loan payments (after expenses

are paid) are used to pay investors as quickly as possible based upon a

predetermined priority of payment.

Please see "Investment Objective and Policies-Mortgage-Related and

Other Asset-Backed Instruments" in the Statement of Additional

Information and "Principal Risks of the Fund-Mortgage-Related and

Asset-Backed Instruments Risk" in this prospectus for a more detailed

description of the types of mortgage-related and other asset-backed

instruments in which the Fund may invest and their related risks.

Municipal Bonds

Municipal bonds share the attributes of debt/fixed income securities in

general, but are generally issued by states, municipalities and other

political subdivisions, agencies, authorities and instrumentalities of

states and multi-state agencies or authorities, and may be either taxable

or tax-exempt instruments. The municipal bonds that the Fund may

purchase include, without limitation, general obligation bonds and

limited obligation bonds (or revenue bonds), including industrial

development bonds issued pursuant to former federal tax law. General

obligation bonds are obligations involving the credit of an issuer

possessing taxing power and are payable from such issuer's general

revenues and not from any particular source. Limited obligation bonds

are payable only from the revenues derived from a particular facility or

class of facilities or, in some cases, from the proceeds of a special excise

or other specific revenue source or annual revenues. Tax exempt private

activity bonds and industrial development bonds generally are also

limited obligation bonds and thus are not payable from the issuer's

general revenues. The credit and quality of private activity bonds and

industrial development bonds are usually related to the credit of the

corporate user of the facilities. Payment of interest on and repayment of

principal of such bonds is the responsibility of the corporate user (and/or

any guarantor).

The Fund may invest in pre-refunded municipal bonds. Pre-refunded

municipal bonds are bonds that have been refunded to a call date prior

to the final maturity of principal, or, in the case of pre-refunded

municipal bonds commonly referred to as "escrowed-to-maturity

bonds," to the final maturity of principal, and remain outstanding in the

municipal market. The payment of principal and interest of the

pre-refunded municipal bonds held by the Fund is funded from

securities in a designated escrow account that holds U.S. Treasury

securities or other obligations of the U.S. Government (including its

agencies and instrumentalities ("Agency Securities")). Interest payments

on pre-funded municipal bonds issued on or prior to December 31,

2017 are exempt from federal income tax; pre-funded municipal bonds

issued after December 31, 2017 will not qualify for such tax-advantaged

treatment. Pre-refunded municipal bonds usually will bear an AAA/Aaa

rating (if a re-rating has been requested and paid for) because they are

backed by U.S. Treasury securities or Agency Securities. Because the

payment of principal and interest is generated from securities held in an

escrow account established by the municipality and an independent

escrow agent, the pledge of the municipality has been fulfilled and the

original pledge of revenue by the municipality is no longer in place. The

escrow account securities pledged to pay the principal and interest of

the pre-refunded municipal bond do not guarantee the price movement

of the bond before maturity. Issuers of municipal bonds refund in

advance of maturity the outstanding higher cost debt and issue new,

lower cost debt, placing the proceeds of the lower cost issuance into an

escrow account to pre-refund the older, higher cost debt. Investment in

pre-refunded municipal bonds held by the Fund may subject the Fund to

interest rate risk and market risk. In addition, while a secondary market

exists for pre-refunded municipal bonds, if the Fund sells pre-refunded

municipal bonds prior to maturity, the price received may be more or

less than the original cost, depending on market conditions at the time

of sale.

The Fund may invest in municipal lease obligations. A lease is not a full

faith and credit obligation of the issuer and is usually backed only by the

borrowing government's unsecured pledge to make annual

appropriations for lease payments. There have been challenges to the

legality of lease financing in numerous states, and, from time to time,

certain municipalities have considered not appropriating money for

lease payments. In deciding whether to purchase a lease obligation for

the Fund, PIMCO will assess the financial condition of the borrower or

obligor, the merits of the project, the level of public support for the

project, other credit characteristics of the obligor, and the legislative

history of lease financing in the state. These securities may be less

readily marketable than other municipal securities.

Some longer-term municipal bonds give the investor the right to "put"

or sell the security at par (face value) within a specified number of days

following the investor's request—usually one to seven days. This

demand feature enhances a security's liquidity by shortening its effective

maturity and enables it to trade at a price equal to or very close to par. If

a demand feature terminates prior to being exercised, the Fund would

hold the longer-term security, which could experience substantially more

volatility.

The Fund may invest in municipal warrants, which are essentially call

options on municipal bonds. In exchange for a premium, municipal

warrants give the purchaser the right, but not the obligation, to

purchase a municipal bond in the future. The Fund may purchase a

warrant to lock in forward supply in an environment in which the

current issuance of bonds is sharply reduced. Like options, warrants may

expire worthless and may have reduced liquidity.

The Fund may invest in municipal bonds with credit enhancements such

as letters of credit, municipal bond insurance and standby bond

purchase agreements ("SBPAs"). Letters of credit are issued by a third

party, usually a bank, to enhance liquidity and to ensure repayment of

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principal and any accrued interest if the underlying municipal bond

should default. Municipal bond insurance, which is usually purchased by

the bond issuer from a private, nongovernmental insurance company,

provides an unconditional and irrevocable guarantee that the insured

bond's principal and interest will be paid when due. Insurance does not

guarantee the price of the bond. The credit rating of an insured bond

reflects the credit rating of the insurer, based on its claims-paying ability.

The obligation of a municipal bond insurance company to pay a claim

extends over the life of each insured bond. Although defaults on insured

municipal bonds have been low to date and municipal bond insurers

have met their claims, there is no assurance that this will continue. A

higher-than expected default rate could strain the insurer's loss reserves

and adversely affect its ability to pay claims to bondholders. Because a

significant portion of insured municipal bonds that have been issued

and are outstanding is insured by a small number of insurance

companies, not all of which have the highest credit rating, an event

involving one or more of these insurance companies, such as a credit

rating downgrade, could have a significant adverse effect on the value

of the municipal bonds insured by such insurance company or

companies and on the municipal bond markets as a whole. An SBPA is a

liquidity facility provided to pay the purchase price of bonds that cannot

be re-marketed. The obligation of the liquidity provider (usually a bank)

is only to advance funds to purchase tendered bonds that cannot be

re-marketed and does not cover principal or interest under any other

circumstances. The liquidity provider's obligations under the SBPA are

usually subject to numerous conditions, including the continued

creditworthiness of the underlying borrower.

Loans and Other Indebtedness; Loan Acquisitions,

Participations and Assignments

The Fund may purchase indebtedness and participations in loans held

and/or originated by private financial institutions, including commercial

and residential mortgage loans, corporate loans and consumer loans, as

well as interests and/or servicing or similar rights in such loans. Such

instruments may be secured or unsecured and may be newly-originated

(and may be specifically designed for the Fund). Such investments are

different from traditional debt securities in that debt securities are part

of a large issue of securities to the public whereas indebtedness may

not be a security for purposes of the Securities Act, and may represent a

specific loan to a borrower. Loan participations typically represent direct

participation, together with other parties, in a loan to a borrower, and

generally are offered by banks or other financial institutions or lending

syndicates. The Fund may participate in such syndications, or can buy all

or part of a loan, becoming a part lender. When purchasing

indebtedness and loan participations, the Fund assumes the credit risk

associated with the borrower and may assume the credit risk associated

with an interposed bank or other financial intermediary. The

indebtedness and loan participations that the Fund may acquire may

not be rated by any NRSRO.

A loan is often administered by an agent bank acting as agent for all

holders. The agent bank administers the terms of the loan, as specified

in the loan agreement. In addition, the agent bank is normally

responsible for the collection of principal and interest payments from

the borrower and the apportionment of these payments to the credit of

all institutions which are parties to the loan agreement. Unless, under

the terms of the loan or other indebtedness, the Fund has direct

recourse against the borrower, the Fund may have to rely on the agent

bank or other financial intermediary to apply appropriate credit

remedies against a borrower.

A financial institution's employment as agent bank might be terminated

in the event that it fails to observe a requisite standard of care or

becomes insolvent. A successor agent bank would generally be

appointed to replace the terminated agent bank, and assets held by the

agent bank under the loan agreement should remain available to

holders of such indebtedness. However, if assets held by the agent bank

for the benefit of the Fund were determined to be subject to the claims

of the agent bank's general creditors, the Fund might incur certain costs

and delays in realizing payment on a loan or loan participation and

could suffer a loss of up to its entire investment, including principal

and/or interest. In situations involving other interposed financial

institutions (e.g., an insurance company or governmental agency)

similar risks may arise.

Purchasers of loans and other forms of direct indebtedness depend

primarily upon the creditworthiness of the borrower for payment of

principal and interest. Loans are subject to the risk that scheduled

interest or principal payments will not be made in a timely manner or at

all, either of which may adversely affect the values of the loan. If the

Fund does not receive scheduled interest or principal payments on such

indebtedness, yield could be adversely affected. Loans that are fully

secured may offer the Fund more protection than an unsecured loan in

the event of non-payment of scheduled interest or principal if the Fund

is able to access and monetize the collateral. However, the collateral

underlying a loan, if any, may be unavailable or insufficient to satisfy a

borrower's obligation. In the event of the bankruptcy of a borrower, the

Fund could experience delays or limitations in its ability to realize the

benefits of any collateral securing a loan.

The Fund may acquire loans and loan participations, or originate loans

with credit quality comparable to that of issuers of its securities

investments. Indebtedness of borrowers whose creditworthiness is poor

and/or subprime in quality involves substantially greater risks, and may

be highly speculative. Some borrowers may never pay off their

indebtedness, or may pay only a small fraction of the amount owed.

Consequently, when acquiring indebtedness of borrowers with poor

credit, the Fund bears a substantial risk of losing the entire amount

invested. The Fund may make purchases of indebtedness and loan

participations to achieve income and/or capital appreciation, rather than

to seek income.

The Fund limits the amount of its total assets that it will invest in issuers

within the same industry. For purposes of this limit, the Fund generally

will treat the borrower as the "issuer" of indebtedness held by the

Fund. In the case of loan participations where a bank or other lending

institution serves as a financial intermediary between the Fund and the

borrower, if the participation does not shift to the Fund the direct

debtor-creditor relationship with the borrower, the Fund will treat both

the lending bank or other lending institution and the borrower as

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"issuers." Treating a financial intermediary as an issuer of indebtedness

may restrict the Fund's ability to invest in indebtedness related to a

single financial intermediary, or a group of intermediaries engaged in

the same industry, even if the underlying borrowers represent many

different companies and industries.

Loans and other types of direct indebtedness (which the Fund acquires

or otherwise gains exposure to) may not be readily marketable and may

be subject to restrictions on resale. In connection with certain loan

transactions, transaction costs that are borne by the Fund may include

the expenses of third parties that are retained to assist with reviewing

and conducting diligence, negotiating, structuring and servicing a loan

transactions, and/or providing other services in connection therewith.

Furthermore, the Fund may incur such costs in connection with loan

transactions that are pursued by the Fund but not ultimately

consummated (so-called "broken deal costs"). In some cases,

negotiations involved in disposing of indebtedness may require weeks

to complete.

Consequently, some indebtedness may be difficult or impossible to

dispose of readily at what the Investment Manager believes to be a fair

price. In addition, valuation of illiquid indebtedness involves a greater

degree of judgment in determining the Fund's NAV than if that value

were based on available market quotations, and could result in

significant variations in the Fund's daily share price. At the same time,

some loan interests are traded among certain financial institutions and

accordingly may be deemed liquid. As the market for different types of

indebtedness develops, the liquidity of these instruments may improve.

Investments in loan participations are considered to be debt obligations

for purposes of the Fund's investment restriction relating to the lending

of funds or assets.

In purchasing loans, the Fund will compete with a broad spectrum of

lenders. Increased competition for, or a diminishment in the available

supply of, qualifying loans could result in lower yields on such loans,

which could reduce Fund performance. Investments in loans through a

purchase of a loan, loan origination or direct assignment of a financial

institution's interests with respect to a loan may involve additional risks

to the Fund. The purchaser of an assignment typically succeeds to all the

rights and obligations under the loan agreement with the same rights

and obligations as the assigning lender. Assignments may, however, be

arranged through private negotiations between potential assignees and

potential assignors, and the rights and obligations acquired by the

purchaser of an assignment may differ from, and be more limited than,

those held by the assigning lender. For example, if a loan is foreclosed,

the Fund could become owner, in whole or in part, of any collateral, and

would bear the costs and liabilities associated with owning and holding

or disposing of the collateral. In addition, it is conceivable that under

emerging legal theories of lender liability, the Fund could be held liable.

It is unclear whether loans and other forms of direct indebtedness offer

securities law protections against fraud and misrepresentation. In the

absence of definitive regulatory guidance, the Fund relies on the

Investment Manager's research in an attempt to avoid situations where

fraud or misrepresentation could adversely affect the Fund.

For whole loans purchased by the Fund (which would not include, for

example, underlying loans in a securitized product held by the Fund), it

is expected that a qualified custodian of the Fund will typically receive

or be provided with access to an executed loan package. While the

executed packages may differ for certain investments, it is typically

comprised of evidence in the form of a promissory note or similar

document, an executed copy of the underlying loan agreement or

security instrument, and an executed copy of the loan assignment.

Although the Fund's custodian would have access to loan files, whether

in electronic form or otherwise, it is expected that the enforcement of

the loans will generally be handled by the loan servicer.

The Fund may invest in debtor-in-possession financings (commonly

known as "DIP financings"). DIP financings are arranged when an entity

seeks the protections of the bankruptcy court under Chapter 11 of the

U.S. Bankruptcy Code. These financings allow the entity to continue its

business operations while reorganizing under Chapter 11. Such

financings constitute senior liens on unencumbered security (i.e.,

security not subject to other creditors' claims). There is a risk that the

entity will not emerge from Chapter 11 and be forced to liquidate its

assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of

liquidation, the Fund's only recourse will be against the property

securing the DIP financing.

Loan Origination

The Fund may originate loans, including, without limitation, residential

and/or commercial real estate or mortgage-related loans, consumer

loans or other types of loans, which may be in the form of whole loans,

assignments, participations, secured and unsecured notes, senior and

second lien loans, mezzanine loans, bridge loans or similar investments.

The Fund may originate loans to corporations and/or other legal entities

and individuals, including foreign (non-U.S.) and emerging market

entities and individuals. Such borrowers may have credit ratings that are

determined by one or more NRSROs or PIMCO to be below investment

grade. The loans the Fund originates may vary in maturity and/or

duration. The Fund is not limited in the amount, size or type of loans it

may originate, including with respect to a single borrower or with

respect to borrowers that are determined to be below investment grade,

other than pursuant to any applicable law. The Fund's origination of

loans may also be limited by the Fund's intention to continue to qualify

as a regulated investment company. The Fund will retain all fees

received in connection with originating or structuring the terms of any

such loan.

The Fund may make investments in debt instruments and other

securities directly or through one or more subsidiaries. References herein

to the Fund include references to a subsidiary in respect of the Fund's

investment exposure. The Fund will treat a wholly owned subsidiary's

assets as assets of the Fund for purposes of determining compliance

with various provisions of the 1940 Act applicable to the Fund,

including those relating to investment policies (Section 8), capital

structure and leverage (Section 18) and affiliated transactions and

custody (Section 17).

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In determining whether to make a direct loan, the Fund will rely

primarily upon the creditworthiness of the borrower and/or any

collateral for payment of interest and repayment of principal. In making

a direct loan, the Fund is exposed to the risk that the borrower may

default or become insolvent and, consequently, that the Fund will lose

money on the loan. Furthermore, direct loans may subject the Fund to

liquidity and interest rate risk and certain direct loans may be deemed

illiquid. Direct loans are not publicly traded and may not have a

secondary market. The lack of a secondary market for direct loans may

have an adverse impact on the ability of the Fund to dispose of a direct

loan and/or to value the direct loan.

When engaging in direct lending, the Fund's performance may depend,

in part, on the ability of the Fund to originate loans on advantageous

terms. In originating and purchasing loans, the Fund will often compete

with a broad spectrum of lenders. Increased competition for, or a

diminishment in the available supply of, qualifying loans could result in

lower yields on and/or less advantageous terms of such loans, which

could reduce Fund performance.

As part of its lending activities, the Fund may originate loans (including

subprime loans) to borrowers that are experiencing significant financial

or business difficulties, including borrowers involved in bankruptcy or

other reorganization and liquidation proceedings or that are rated

"below investment grade" by a NRSRO or unrated. Although the terms

of such financing may result in significant financial returns to the Fund,

they involve a substantial degree of risk. The level of analytical

sophistication, both financial and legal, necessary for successful

financing to borrowers experiencing significant business and financial

difficulties is unusually high. Different types of assets may be used as

collateral for the Fund's loans and, accordingly, the valuation of and

risks associated with such collateral will vary by loan. There is no

assurance that the Fund will correctly evaluate the value of the assets

collateralizing the Fund's loans or the prospects for a successful

reorganization or similar action. In any reorganization or liquidation

proceeding relating to a borrower that the Fund funds, the Fund may

lose all or part of the amounts advanced to the borrower or may be

required to accept collateral with a value less than the amount of the

loan advanced by the Fund or its affiliates to the borrower. Furthermore,

in the event of a default by a borrower, the Fund may have difficulty

disposing of the assets used as collateral for a loan.

Bridge loans are short-term loan arrangements (e.g., 12 to 18 months)

typically made by a borrower in anticipation of intermediate-term or

long-term permanent financing. Most bridge loans are structured as

floating-rate debt with step-up provisions under which the interest rate

on the bridge loan rises over time. Thus, the longer the loan remains

outstanding, the more the interest rate increases. In addition, bridge

loans commonly contain a conversion feature that allows the bridge

loan investor to convert its loan interest into senior exchange notes if

the loan has not been prepaid in full on or prior to its maturity date.

Bridge loans may be subordinate to other debt and may be secured or

unsecured. Like any loan, bridge loans involve credit risk. Bridge loans

are generally made with the expectation that the borrower will be able

to obtain permanent financing in the near future. Any delay in obtaining

permanent financing subjects the bridge loan investor to increased risk.

A borrower's use of bridge loans also involves the risk that the borrower

may be unable to locate permanent financing to replace the bridge

loan, which may impair the borrower's perceived creditworthiness.

Various state licensing requirements could apply to the Fund with

respect to the origination, acquisition, holding, servicing, foreclosure

and/or disposition of, loans and similar assets. The licensing

requirements could apply depending on the location of the borrower,

the location of the collateral securing the loan, or the location where the

Fund or PIMCO operates or has offices. In states in which it is licensed,

the Fund or PIMCO will be required to comply with applicable laws and

regulations, including consumer protection and anti-fraud laws, which

could impose restrictions on the Fund's or PIMCO's ability to take

certain actions to protect the value of its holdings in such assets and

impose compliance costs. Failure to comply with such laws and

regulations could lead to, among other penalties, a loss of the Fund's or

PIMCO's license, which in turn could require the Fund to divest assets

located in or secured by real property located in that state. These risks

will also apply to issuers and entities in which the Fund invests that hold

similar assets, as well as any origination company or servicer in which

the Fund owns an interest. Loan origination and servicing companies

are routinely involved in legal proceedings concerning matters that arise

in the ordinary course of their business. These legal proceedings range

from actions involving a single plaintiff to class action lawsuits with

potentially tens of thousands of class members. In addition, a number of

participants in the loan origination and servicing industry (including

control persons of industry participants) have been the subject of

regulatory actions by state regulators, including state attorneys general

and by the federal government. Governmental investigations,

examinations or regulatory actions, or private lawsuits, including

purported class action lawsuits, may adversely affect such companies'

financial results. To the extent the Fund seeks to engage in origination

and/or servicing directly, or has a financial interest in, or is otherwise

affiliated with, an origination or servicing company, the Fund will be

subject to enhanced risks of litigation, regulatory actions and other

proceedings. As a result, the Fund may be required to pay legal fees,

settlement costs, damages, penalties or other charges, any or all of

which could materially adversely affect the Fund and its holdings.

Delayed Draw and Delayed Funding Loans and Revolving

Credit Facilities

The Fund may enter into, or acquire participations in, delayed draw and

delayed funding loans and revolving credit facilities, in which a bank or

other lender agrees to make loans up to a maximum amount upon

demand by the borrower during a specified term. These commitments

may have the effect of requiring the Fund to increase its investment in a

company at a time when it might not be desirable to do so (including at

a time when the company's financial condition makes it unlikely that

such amounts will be repaid). Delayed draw and delayed funding loans

and revolving credit facilities are subject to credit, interest rate and

liquidity risk and the risks of being a lender.

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Bonds

The Fund may invest in a wide variety of bonds of varying maturities

issued by non-U.S. (foreign) and U.S. corporations and other business

entities, governments and quasi-governmental entities, and other

issuers. Bonds may include, among other things, fixed or

variable/floating-rate debt obligations, including bills, notes, debentures,

money market instruments and similar instruments and securities. Bonds

generally are used by corporations as well as governments and other

issuers to borrow money from investors. The issuer pays the investor a

fixed or variable rate of interest and normally must repay the amount

borrowed on or before maturity. Certain bonds are "perpetual" in that

they have no maturity date.

Preferred Securities

Preferred securities represent an equity interest in a company that

generally entitles the holder to receive, in preference to the holders of

other stocks such as common stocks, dividends and a fixed share of the

proceeds resulting from liquidation of the company. Unlike common

stocks, preferred securities usually do not have voting rights. Preferred

securities in some instances are convertible into common stock. Some

preferred securities also entitle their holders to receive additional

liquidation proceeds on the same basis as holders of a company's

common stock, and thus also represent an ownership interest in the

company. Some preferred securities offer a fixed rate of return with no

maturity date. Because they never mature, these preferred securities

may act like long-term bonds, can be more volatile than other types of

preferred securities and may have heightened sensitivity to changes in

interest rates. Other preferred securities have a variable dividend,

generally determined on a quarterly or other periodic basis, either

according to a formula based upon a specified premium or discount to

the yield on particular U.S. Treasury securities or based on an auction

process, involving bids submitted by holders and prospective purchasers

of such securities. Although they are equity securities, preferred

securities have certain characteristics of both debt securities and

common stock. They are like debt securities in that their stated income is

generally contractually fixed. They are like common stocks in that they

do not have rights to precipitate bankruptcy proceedings or collection

activities in the event of missed payments. Furthermore, preferred

securities have many of the key characteristics of equity due to their

subordinated position in an issuer's capital structure and because their

quality and value are heavily dependent on the profitability of the issuer

rather than on any legal claims to specific assets or cash flows. Because

preferred securities represent an equity ownership interest in a

company, their value usually will react more strongly than bonds and

other debt instruments to actual or perceived changes in a company's

financial condition or prospects, or to fluctuations in the equity markets.

In order to be payable, dividends on preferred securities must be

declared by the issuer's board of directors. In addition, distributions on

preferred securities may be subject to deferral and thus may not be

automatically payable. Income payments on some preferred securities

are cumulative, causing dividends and distributions to accrue even if

they are not declared by the board of directors of the issuer or otherwise

made payable. Other preferred securities are non-cumulative, meaning

that skipped dividends and distributions do not continue to accrue.

There is no assurance that dividends on preferred securities in which the

Fund invests will be declared or otherwise made payable.

Preferred securities have a liquidation value that generally equals their

original purchase price at the date of issuance. The market values of

preferred securities may be affected by favorable and unfavorable

changes affecting the issuers' industries or sectors. They also may be

affected by actual and anticipated changes or ambiguities in the tax

status of the security and by actual and anticipated changes or

ambiguities in tax laws, such as changes in corporate and individual

income tax rates or the characterization of dividends as tax-advantaged.

The dividends paid on the preferred securities in which the Fund may

invest might not be eligible for tax-advantaged "qualified dividend"

treatment. See "Tax Matters." Because the claim on an issuer's earnings

represented by preferred securities may become disproportionately large

when interest rates fall below the rate payable on the securities or for

other reasons, the issuer may redeem preferred securities, generally after

an initial period of call protection in which the security is not

redeemable. Thus, in declining interest rate environments in particular,

the Fund's holdings of higher dividend-paying preferred securities may

be reduced and the Fund may be unable to acquire securities paying

comparable rates with the redemption proceeds.

Convertible Securities and Synthetic Convertible Securities

Convertible securities (i.e., debt securities that may be converted at

either a stated price or stated rate into underlying shares of common

stock) have general characteristics similar to both debt securities and

equity securities. Although to a lesser extent than with debt obligations,

the market value of convertible securities tends to decline as interest

rates increase and, conversely, tends to increase as interest rates

decline. In addition, because of the conversion feature, the market value

of convertible securities tends to vary with fluctuations in the market

value of the underlying common stocks and, therefore, also will react to

variations in the general market for equity securities.

Convertible securities are investments that provide for a stable stream

of income with generally higher yields than common stocks. There can

be no assurance of current income because the issuers of the

convertible securities may default on their obligations. Convertible

securities, however, generally offer lower interest or dividend yields than

non-convertible debt securities of similar credit quality because of the

potential for equity-related capital appreciation. A convertible security,

in addition to providing current income, offers the potential for capital

appreciation through the conversion feature, which enables the holder

to benefit from increases in the market price of the underlying common

stock.

The Fund may invest in synthetic convertible securities, which are

created through a combination of separate securities that possess the

two principal characteristics of a traditional convertible security, that is,

an income-producing component and the right to acquire a convertible

component. The income-producing component is achieved by investing

in non-convertible, income-producing securities such as bonds, preferred

securities and money market instruments. The convertible component is

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achieved by purchasing warrants or options to buy common stock at a

certain exercise price, or options on a stock index. The Fund may also

investment banks, including convertible structured notes. The

income-producing and convertible components of a synthetic

convertible security may be issued separately by different issuers and at

different times. The values of synthetic convertible securities will respond

differently to market fluctuations than a traditional convertible security

because a synthetic convertible is composed of two or more separate

securities or instruments, each with its own market value. Synthetic

convertible securities are also subject to the risks associated with

derivatives. See "Principal Risks of the Fund—Derivatives Risk." In

addition, if the value of the underlying common stock or the level of the

index involved in the convertible element falls below the strike price of

the warrant or option, the warrant or option may lose all value.

Contingent Convertible Securities

Contingent convertible securities ("CoCos") are a form of hybrid debt

security issued primarily by non-U.S. issuers, which have loss absorption

mechanisms built into their terms. CoCos have no stated maturity, have

fully discretionary coupons and are typically issued in the form of

subordinated debt instruments. CoCos generally either convert into

equity of the issuer or have their principal written down upon the

occurrence of certain triggering events ("triggers") linked to regulatory

capital thresholds or regulatory actions relating to the issuer's continued

viability. In certain scenarios, investors in CoCos may suffer a loss of

capital ahead of equity holders or when equity holders do not. There is

no guarantee that the Fund will receive a return of principal on CoCos.

Any indication that an automatic write-down or conversion event may

occur can be expected to have an adverse effect on the market price of

CoCos. CoCos are often rated below investment grade and are subject

to the risks of high yield securities.

Because CoCos are issued primarily by financial institutions, CoCos may

present substantially increased risks at times of financial turmoil, which

could affect financial institutions more than companies in other sectors

and industries. Further, the value of an investment in CoCos is

unpredictable and will be influenced by many factors and risks,

including interest rate risk, credit risk, market risk and liquidity risk. An

investment by the Fund in CoCos may result in losses to the Fund.

Some additional risks associated with CoCos include, but are not limited

to:

Loss absorption risk.

CoCos may be subject to an automatic

write-down (i.e., the automatic write-down of the principal amount or

value of the securities, potentially to zero, and the cancellation of the

securities) under certain circumstances, which could result in the Fund

losing a portion or all of its investment in such securities. In addition, the

Fund may not have any rights with respect to repayment of the principal

amount of the securities that has not become due or the payment of

interest or dividends on such securities for any period from (and

including) the interest or dividend payment date falling immediately

prior to the occurrence of such automatic write-down. An automatic

write-down could also result in a reduced income rate if the dividend or

interest payment is based on the security's par value. In addition, CoCos

have fully discretionary coupons. This means coupons can potentially be

cancelled at the issuer's discretion or at the request of the relevant

regulatory authority in order to help the issuer absorb losses and may be

suspended in the event there are insufficient distributable reserves.

Subordinated instruments.

CoCos will, in the majority of

circumstances, be issued in the form of subordinated debt instruments

in order to provide the appropriate regulatory capital treatment prior to

a conversion. Accordingly, in the event of liquidation, dissolution or

winding-up of an issuer prior to a conversion having occurred, the rights

and claims of the holders of the CoCos, such as the Fund, against the

issuer in respect of or arising under the terms of the CoCos shall

generally rank junior to the claims of all holders of unsubordinated

obligations of the issuer. In addition, if the CoCos are converted into the

issuer's underlying equity securities following a conversion event (i.e., a

"trigger"), each holder will be subordinated due to their conversion

from being the holder of a debt instrument to being the holder of an

equity instrument.

Market value will fluctuate based on unpredictable

factors.

The trading behavior of a given issuer's CoCos may be strongly

impacted by the trading behavior of other issuers' CoCos, such that

negative information from an unrelated CoCo may cause a decline in

value of one or more CoCos held by the Fund. Accordingly, the trading

behavior of CoCos may not follow the trading behavior of other similarly

structured securities. The value of CoCos is unpredictable and could be

influenced by many factors including, without limitation: (i) the

creditworthiness of the issuer and/or fluctuations in such issuer's

applicable capital ratios; (ii) supply and demand for the CoCos; (iii)

general market conditions and available liquidity; and (iv) economic,

financial and political events that affect the issuer, its particular market

or the financial markets in general.

Reverse Repurchase Agreements and Dollar Rolls/Buybacks

As described under "Use of Leverage" the Fund may use, among other

things, reverse repurchase agreements and/or dollar rolls/buybacks to

add leverage to its portfolio. Under a reverse repurchase agreement, the

Fund sells securities to a bank or broker dealer and agrees to repurchase

the securities at a mutually agreed future date and price. A dollar

roll/buyback is similar to a reverse repurchase agreement except that

the counterparty with which the Fund enters into a dollar roll/buyback

transaction is not obligated to return the same securities as those

originally sold by the Fund, but only securities that are "substantially

identical." Generally, the effect of a reverse repurchase agreement or

dollar roll/buyback transaction is that the Fund can recover and reinvest

all or most of the cash invested in the portfolio securities involved

during the term of the agreement and still be entitled to the returns

associated with those portfolio securities, thereby resulting in a

transaction similar to a borrowing and giving rise to leverage for the

Fund. The Fund will incur interest expense as a cost of utilizing reverse

repurchase agreements and dollar rolls/buybacks. In the event the buyer

of securities under a reverse repurchase agreement or dollar

roll/buyback files for bankruptcy or becomes insolvent, the Fund's use of

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the proceeds of the agreement may be restricted pending a

determination by the other party, or its trustee or receiver, whether to

enforce the Fund's obligation to repurchase the securities.

Commercial Paper

Commercial paper represents short-term unsecured promissory notes

issued in bearer form by corporations such as banks or bank holding

companies and finance companies. The rate of return on commercial

paper may be linked or indexed to the level of exchange rates between

the U.S. dollar and a foreign currency or currencies.

U.S. Government Securities

U.S. government securities are obligations of and, in certain cases,

guaranteed by, the U.S. government, its agencies or instrumentalities.

The U.S. government does not guarantee the NAV of the Fund's

Common Shares. Some U.S. government securities, such as Treasury bills,

notes and bonds, and securities guaranteed by GNMA, are supported by

the full faith and credit of the United States; others, such as those of the

FHLBs or the Federal Home Loan Mortgage Corporation ("FHLMC"), are

supported by the right of the issuer to borrow from the U.S. Department

of the Treasury (the "U.S. Treasury"); others, such as those of FNMA, are

supported by the discretionary authority of the U.S. government to

purchase the agency's obligations; and still others are supported only by

the credit of the instrumentality. U.S. government securities may include

zero coupon securities, which do not distribute interest on a current

basis and tend to be subject to greater risk than interest-paying

securities of similar maturities. The U.S. government securities in which

the Fund may invest may pay fixed, floating, variable or adjustable

interest rates.

Bank Capital Securities and Bank Obligations

The Fund may invest in bank capital securities of both non-U.S. (foreign)

and U.S. issuers. Bank capital securities are issued by banks to help fulfill

their regulatory capital requirements. There are three common types of

bank capital: Lower Tier II, Upper Tier II and Tier I. Upper Tier II securities

are commonly thought of as hybrids of debt and preferred securities.

Upper Tier II securities are often perpetual (with no maturity date),

callable and have a cumulative interest deferral feature. This means that

under certain conditions, the issuer bank can withhold payment of

interest until a later date. However, such deferred interest payments

generally earn interest. Tier I securities often take the form of trust

preferred securities.

The Fund may also invest in other bank obligations including, without

limitation, CoCos, certificates of deposit, bankers' acceptances and fixed

time deposits. CoCos have no stated maturity, have fully discretionary

coupons and are typically issued in the form of subordinated debt

instruments. CoCos generally either convert into equity or have their

principal written down (including potentially to zero) upon the

occurrence of certain triggering events ("triggers") linked to regulatory

capital thresholds or regulatory actions relating to the issuer's continued

viability. Certificates of deposit are negotiable certificates that are

issued against funds deposited in a commercial bank for a definite

period of time and that earn a specified return. Bankers' acceptances

are negotiable drafts or bills of exchange, normally drawn by an

importer or exporter to pay for specific merchandise, which are

"accepted" by a bank, meaning, in effect, that the bank unconditionally

agrees to pay the face value of the instrument on maturity. Fixed time

deposits are bank obligations payable at a stated maturity date and

bearing interest at a fixed rate. Fixed time deposits may be withdrawn

on demand by the investor, but may be subject to early withdrawal

penalties which vary depending upon market conditions and the

remaining maturity of the obligation. There are generally no contractual

restrictions on the right to transfer a beneficial interest in a fixed time

deposit to a third party, although there is generally no market for such

deposits. The Fund may also hold funds on deposit with its custodian

bank in an interest-bearing account for temporary purposes.

Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities

Zero-coupon bonds pay interest only at maturity rather than at intervals

during the life of the security. Like zero-coupon bonds, "step up" bonds

pay no interest initially but eventually begin to pay a coupon rate prior

to maturity, which rate may increase at stated intervals during the life of

the security. Payment-in-kind securities ("PIKs") are debt obligations

that pay "interest" in the form of other debt obligations, instead of in

cash. Partial pay-in-kind loans and bonds are debt obligations that pay

such "interest" partly in cash. Each of these instruments is normally

issued and traded at a deep discount from face value. Zero-coupon

bonds, step-ups and PIKs allow an issuer to avoid or delay the need to

generate cash to meet current interest payments and, as a result, may

involve greater credit risk than bonds that pay interest currently or in

cash. The Fund would be required to distribute the income on these

instruments as it accrues, even though the Fund will not receive the

income on a current basis or in cash. Thus, the Fund may have to sell

investments, including when it may not be advisable to do so, to make

income distributions to its shareholders.

Inflation-Indexed Bonds

Inflation-indexed bonds (other than municipal inflation-indexed bonds

and certain corporate inflation-indexed bonds) are fixed income

securities the principal value of which is periodically adjusted according

to the rate of inflation. If the index measuring inflation falls, the

principal value of inflation-indexed bonds (other than municipal

inflation-indexed bonds and certain corporate inflation-indexed bonds)

will be adjusted downward, and consequently the interest payable on

these securities (calculated with respect to a smaller principal amount)

will be reduced. Repayment of the original bond principal upon maturity

(as adjusted for inflation) is guaranteed in the case of Treasury Inflation

Protected Securities ("TIPS"). For bonds that do not provide a similar

guarantee, the adjusted principal value of the bond repaid at maturity

may be less than the original principal. TIPS may also be divided into

individual zero-coupon instruments for each coupon or principal

payment (known as "iSTRIPS"). An iSTRIP of the principal component of

a TIPS issue will retain the embedded deflation floor that will allow the

holder of the security to receive the greater of the original principal or

inflation-adjusted principal value at maturity. iSTRIPS may be less liquid

than conventional TIPS because they are a small component of the TIPS

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market. Municipal inflation-indexed securities are municipal bonds that

pay coupons based on a fixed rate plus CPI. With regard to municipal

inflation-indexed bonds and certain corporate inflation-indexed bonds,

the inflation adjustment is typically reflected in the semi-annual coupon

payment. As a result, the principal value of municipal inflation-indexed

bonds and such corporate inflation-indexed bonds does not adjust

according to the rate of inflation. At the same time, the value of

municipal inflation-indexed securities and such corporate

inflation-indexed securities generally will not increase if the rate of

inflation decreases. Because municipal inflation-indexed securities and

corporate inflation-indexed securities are a small component of the

municipal bond and corporate bond markets, respectively, they may be

less liquid than conventional municipal and corporate bonds.

The value of inflation-indexed bonds is expected to change in response

to changes in real interest rates. Real interest rates are tied to the

relationship between nominal interest rates and the rate of inflation. If

nominal interest rates increase at a faster rate than inflation, real

interest rates may rise, leading to a decrease in value of

inflation-indexed bonds. Any increase in the principal amount of an

inflation-indexed bond will be considered taxable ordinary income, even

though investors do not receive their principal until maturity. See "Tax

Matters" in this prospectus and "Taxation" in the Statement of

Additional Information.

Event-Linked Instruments

The Fund may obtain event-linked exposure by investing in

"event-linked bonds" or "event-linked swaps" or by implementing

"event-linked strategies." Event-linked exposure results in gains or

losses that typically are contingent upon, or formulaically related to,

defined trigger events. Examples of trigger events include hurricanes,

earthquakes, weather-related phenomena or statistics relating to such

events. Some event-linked bonds are commonly referred to as

"catastrophe bonds." If a trigger event occurs, the Fund may lose a

portion or its entire principal invested in the bond or notional amount

on a swap. Event-linked exposures often provide for an extension of

maturity to process and audit loss claims when a trigger event has, or

possibly has, occurred. An extension of maturity may increase volatility.

The Fund may also gain exposure to reinsurance contracts (through

insurance-linked securities, sidecars or otherwise). This exposure may

include "excess of loss" contracts, wherein liability arises only if and

when losses exceed a specified amount, and proportional reinsurance,

wherein a pro rata portion of the premiums and liabilities of the cedant

associated with a specified business or a portfolio of insurance contracts

are linked to the investment. Investments linked to reinsurance

transactions may involve significant insurance brokerage fees, fronting

fees and other transaction costs. Event-linked exposure may also expose

the Fund to certain other risks including credit risk, counterparty risk,

adverse regulatory or jurisdictional interpretations and adverse tax

consequences. Event-linked exposures may also be subject to liquidity

risk.

Variable- and Floating-Rate Securities

Variable- and floating-rate instruments are instruments that pay interest

at rates that adjust whenever a specified interest rate changes and/or

that reset on predetermined dates (such as the last day of a month or

calendar quarter). In addition to loans, variable- and floating-rate

instruments may include, without limitation, instruments such as

catastrophe and other event-linked bonds, bank capital securities,

unsecured and/or secured loans (including, but not limited to, bank

and/or other syndicated loans and non-syndicated (private direct)

loans), corporate bonds, money market instruments and certain types of

mortgage-related and other asset-backed securities. Due to their

variable- or floating-rate features, these instruments will generally pay

higher levels of income in a rising interest rate environment and lower

levels of income as interest rates decline. For the same reason, the

market value of a variable- or floating-rate instrument is generally

expected to have less sensitivity to fluctuations in market interest rates

than a fixed-rate instrument, although the value of a variable- or

floating-rate instrument may nonetheless decline as interest rates rise

and due to other factors, such as changes in credit quality.

The Fund may invest in floating rate debt instruments ("floaters") and

engage in credit spread trades. The interest rate on a floater is a variable

rate which is tied to another interest rate, such as a money-market index

or U.S. Treasury bill rate. The interest rate on a floater resets periodically,

typically every six months. Due to the interest rate reset feature, floaters

provide the Fund with a certain degree of protection against rises in

interest rates, although the Fund will participate in any declines in

interest rates as well. A credit spread trade is an investment position

relating to a difference in the prices or interest rates of two bonds or

other securities, in which the value of the investment position is

determined by changes in the difference between the prices or interest

rates, as the case may be, of the respective securities.

Inverse Floaters

An inverse floater is a type of debt instrument that bears a floating or

variable interest rate that moves in the opposite direction to interest

rates generally or the interest rate on another security or index. Changes

in interest rates generally, or the interest rate of the other security or

index, inversely affect the interest rate paid on the inverse floater, with

the result that the inverse floater's price will be considerably more

volatile than that of a fixed-rate bond. The Fund may invest without

limitation in inverse floaters, which brokers typically create by depositing

an income-producing instrument, which may be a mortgage-related

asset, in a trust. The trust in turn issues a variable rate security and

inverse floaters. The interest rate for the variable rate security is typically

determined by an index or an auction process, while the inverse floater

holder receives the balance of the income from the underlying

income-producing instrument less an auction fee. The market prices of

inverse floaters may be highly sensitive to changes in interest rates and

prepayment rates on the underlying securities, and may decrease

significantly when interest rates increase or prepayment rates change. In

a transaction in which the Fund purchases an inverse floater from a

trust, and the underlying bond was held by the Fund prior to being

deposited into the trust, the Fund typically treats the transaction as a

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secured borrowing for financial reporting purposes. As a result, for

financial reporting purposes, the Fund will generally incur a non-cash

interest expense with respect to interest paid by the trust on the

variable rate securities, and will recognize additional interest income in

an amount directly corresponding to the non-cash interest expense.

Therefore, the Fund's NAV per Common Share and performance are not

affected by the non-cash interest expense. This accounting treatment

does not apply to inverse floaters acquired by the Fund when the Fund

did not previously own the underlying bond.

Derivatives

The Fund may, but is not required to, utilize various derivative strategies

(both long and short positions) for investment purposes, leveraging

purposes, or in an attempt to hedge against market, credit, interest rate,

currency and other risks in the portfolio. See "Use of Leverage."

Additionally, the Fund may invest in futures and other derivatives that

provide relevant exposures, including for equitization and hedging

purposes using derivatives that provide exposure that is not identical to

the instruments or markets in which the Fund seeks to invest 80% of its

assets, as applicable. Generally, derivatives are financial contracts

whose value depends upon, or is derived from, the value of an

underlying asset, reference rate or index, and may relate to, among

others, individual debt instruments, interest rates, currencies or currency

exchange rates, commodities and related indexes. Examples of

derivative instruments that the Fund may use include, without

limitation, futures and forward contracts (including foreign currency

exchange contracts), call and put options (including options on futures

contracts), credit default swaps, total return swaps, basis swaps and

other swap agreements. Investments in derivatives may take the form of

buying and/or writing (selling) derivatives, and/or the Fund may

otherwise become an obligor under a derivatives transaction. The Fund's

use of derivative instruments involves risks different from, or possibly

greater than, the risks associated with investment directly in securities

and other more traditional investments. See "Principal Risks of the

Fund—Derivatives Risk." Certain types of derivative instruments that

the Fund may utilize are described elsewhere in this section, including

those described under "Certain Interest Rate Transactions," "Hybrid

Instruments," "Credit Default Swaps" and "Structured Notes and

Related Instruments." Please see "Investment Objective and

Policies—Derivative Instruments" in the Statement of Additional

Information for additional information about these and other derivative

instruments that the Fund may use and the risks associated with such

instruments. There is no assurance that these derivative strategies will

be available at any time or that PIMCO will determine to use them for

the Fund or, if used, that the strategies will be successful. In addition,

the Fund may be subject to certain restrictions on its use of derivative

strategies imposed by guidelines of one or more rating agencies that

may issue ratings for any preferred shares issued by the Fund.

Certain Interest Rate Transactions

In order to reduce the interest rate risk inherent in the Fund's underlying

investments and capital structure, the Fund may (but is not required to)

enter into interest rate swap transactions. Interest rate swaps involve

the exchange by the Fund with a counterparty of their respective

commitments to pay or receive interest, such as an exchange of fixed

rate payments for floating rate payments. These transactions generally

involve an agreement with the swap counterparty to pay a fixed or

variable rate payment in exchange for the counterparty paying the Fund

the other type of payment stream (i.e., variable or fixed). The payment

obligation would be based on the notional amount of the swap. Other

forms of interest rate swap agreements in which the Fund may invest

include, without limitation, interest rate caps, under which, in return for

a premium, one party agrees to make payments to the other to the

extent that interest rates exceed a specified rate, or "cap;" interest rate

floors, under which, in return for a premium, one party agrees to make

payments to the other to the extent that interest rates fall below a

specified rate, or "floor;" and interest rate "collars," under which a

party sells a cap and purchases a floor or vice versa in an attempt to

protect itself against interest rate movements exceeding given minimum

or maximum levels. The Fund may (but is not required to) use interest

rate swap transactions with the intent to reduce or eliminate the risk

that an increase in short-term interest rates could pose for the

performance of the Fund's Common Shares as a result of leverage, and

also may use these instruments for other hedging or investment

purposes. Any termination of an interest rate swap transaction could

result in a termination payment by or to the Fund.

Credit Default Swaps

The Fund may enter into credit default swaps for both investment and

risk management purposes, as well as to add leverage to the Fund's

portfolio. A credit default swap may have as reference obligations one

or more securities that are not currently held by the Fund. The protection

"buyer" in a credit default swap is generally obligated to pay the

protection "seller" an upfront or a periodic stream of payments over the

term of the contract provided that no credit event, such as a default, on

a reference obligation has occurred. If a credit event occurs, the seller

generally must pay the buyer the "par value" (full notional value) of the

swap in exchange for an equal face amount of deliverable obligations of

the reference entity described in the swap, or the seller may be required

to deliver the related net cash amount, if the swap is cash

settled. Rather than exchange the bonds for par value, a single cash

payment may be due from the protection seller representing the

difference between the par value of the bonds and the current market

value of the bonds (which may be determined through an auction). The

Fund may be either the buyer or seller in the transaction. If the Fund is a

buyer and no credit event occurs, the Fund may recover nothing if the

swap is held through its termination date. However, if a credit event

occurs, the buyer generally may elect to receive the full notional value of

the swap from the seller, who, in turn, generally will recover an amount

significantly lower than the equivalent face amount of the obligations of

the reference entity, whose value may have significantly decreased,

through (i) physical delivery of such obligations by the buyer, (ii) cash

settlement or (iii) an auction process. As a seller, the Fund generally

receives an upfront payment or a fixed rate of income throughout the

term of the swap provided that there is no credit event. As the seller, the

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Fund would effectively add leverage to its portfolio because, in addition

to its total net assets, the Fund would be subject to investment exposure

on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection

buyer must pay the protection seller over the length of the contract,

expressed as a percentage of the notional amount. When spreads rise,

market perceived credit risk rises and when spreads fall, market

perceived credit risk falls. Wider credit spreads and decreasing market

values, when compared to the notional amount of the swap, represent a

deterioration of the referenced entity's credit soundness and a greater

likelihood or risk of default or other credit event occurring as defined

under the terms of the agreement. For credit default swaps on

asset-backed securities and credit indexes, the quoted market prices and

resulting values, as well as the annual payment rate, serve as an

indication of the current status of the payment/performance risk.

Credit default swaps involve greater risks than if the Fund had invested

in the reference obligation directly since, in addition to general market

risks, credit default swaps are subject to leverage risk, illiquidity risk,

counterparty risk and credit risk, among other risks associated with

derivative instruments. A buyer generally also will lose its investment

and recover nothing should no credit event occur and the swap is held

to its termination date. If a credit event were to occur, the value of any

deliverable obligation received by the seller, coupled with the upfront or

periodic payments previously received, may be less than the full notional

value it pays to the buyer, resulting in a loss of value to the seller. The

Fund's obligations under a credit default swap will be accrued daily

(offset against any amounts owing to the Fund).

Hybrid Instruments

A hybrid instrument is a type of potentially high-risk derivative that

combines a traditional bond, stock or commodity with an option or

forward contract. Generally, the principal amount, amount payable upon

maturity or redemption, or interest rate of a hybrid is tied (positively or

negatively) to the price of some commodity, currency or securities index

or another interest rate or some other economic factor (each a

"benchmark"). The interest rate or (unlike most fixed income securities)

the principal amount payable at maturity of a hybrid security may be

increased or decreased, depending on changes in the value of the

benchmark. An example of a hybrid could be a bond issued by an oil

company that pays a small base level of interest with additional interest

that accrues in correlation to the extent to which oil prices exceed a

certain predetermined level. Such a hybrid instrument would be a

combination of a bond and a call option on oil.

Hybrids can be used as an efficient means of pursuing a variety of

investment goals, including currency hedging, duration management

and increased total return. Hybrids may not bear interest or pay

dividends. The value of a hybrid or its interest rate may be a multiple of a

benchmark and, as a result, may be leveraged and move (up or down)

more steeply and rapidly than the benchmark. These benchmarks may

be sensitive to economic and political events, such as commodity

shortages and currency devaluations, which cannot be readily foreseen

by the purchaser of a hybrid. Under certain conditions, the redemption

value of a hybrid could be zero. Thus, an investment in a hybrid may

entail significant market risks that are not associated with a similar

investment in a traditional, U.S. dollar-denominated bond that has a

fixed principal amount and pays a fixed rate or floating rate of interest.

The purchase of hybrids also exposes the Fund to the credit risk of the

issuer of the hybrids. These risks may cause significant fluctuations in

the NAV of the Common Shares if the Fund invests in hybrid

instruments.

Certain hybrid instruments may provide exposure to the commodities

markets. These are derivative securities with one or more

commodity-linked components that have payment features similar to

commodity futures contracts, commodity options or similar instruments.

Commodity-linked hybrid instruments may be either equity or debt

securities, leveraged or unleveraged, and are considered hybrid

instruments because they have both security and commodity-like

characteristics. A portion of the value of these instruments may be

derived from the value of a commodity, futures contract, index or other

economic variable.

Certain issuers of structured products such as hybrid instruments may

be deemed to be investment companies as defined in the 1940 Act. As a

result, the Fund's investments in these products may be subject to limits

applicable to investments in investment companies and may be subject

to restrictions contained in the 1940 Act.

The Fund's use of commodity-linked instruments may be limited by the

Fund's intention to continue to qualify as a regulated investment

company and may limit the Fund's ability to so qualify. In order to

qualify for the special tax treatment accorded regulated investment

companies and their shareholders, the Fund must, among other things,

derive at least 90% of its income from certain specified sources

(qualifying income). Income from certain commodity-linked instruments

does not constitute qualifying income to the Fund. The tax treatment of

certain other commodity-linked instruments in which the Fund might

invest is not certain, in particular with respect to whether income and

gains from such instruments constitute qualifying income. If the Fund

were to treat income from a particular instrument as qualifying income

and the income were later determined not to constitute qualifying

income and, together with any other nonqualifying income, caused the

Fund's nonqualifying income to exceed 10% of its gross income in any

taxable year, the Fund would fail to qualify as a regulated investment

company unless it is eligible to and does pay a tax at the Fund level. See

"Tax Matters."

Structured Notes and Related Instruments

The Fund may invest in "structured" notes and other related

instruments, which are privately negotiated debt obligations in which

the principal and/or interest is determined by reference to the

performance of a benchmark asset, market or interest rate (an

"embedded index"), such as selected securities, an index of securities or

specified interest rates, or the differential performance of two assets or

markets, such as indexes reflecting bonds. Structured instruments may

be issued by corporations, including banks, as well as by governmental

agencies. Structured instruments frequently are assembled in the form

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of medium-term notes, but a variety of forms are available and may be

used in particular circumstances. The terms of such structured

instruments normally provide that their principal and/or interest

payments are to be adjusted upwards or downwards (but ordinarily not

below zero) to reflect changes in the embedded index while the

structured instruments are outstanding. As a result, the interest and/or

principal payments that may be made on a structured product may vary

widely, depending on a variety of factors, including the volatility of the

embedded index and the effect of changes in the embedded index on

principal and/or interest payments. The rate of return on structured

notes may be determined by applying a multiplier to the performance or

differential performance of the referenced index(es) or other asset(s).

Application of a multiplier involves leverage that will serve to magnify

the potential for gain and the risk of loss.

The Fund may use structured instruments for investment purposes and

also for risk management purposes, such as to reduce the duration and

interest rate sensitivity of the Fund's portfolio, and for leveraging

purposes. While structured instruments may offer the potential for a

favorable rate of return from time to time, they also entail certain risks.

Structured instruments may be less liquid than other debt securities, and

the price of structured instruments may be more volatile. In some cases,

depending on the terms of the embedded index, a structured instrument

may provide that the principal and/or interest payments may be

adjusted below zero. Structured instruments also may involve significant

credit risk and risk of default by the counterparty. Structured

instruments may also be illiquid. Like other sophisticated strategies, the

Fund's use of structured instruments may not work as intended. If the

value of the embedded index changes in a manner other than that

expected by PIMCO, principal and/or interest payments received on the

structured instrument may be substantially less than expected. Also, if

PIMCO chooses to use structured instruments to reduce the duration of

the Fund's portfolio, this may limit the Fund's return when having a

longer duration would be beneficial (for instance, when interest rates

decline).

Credit-Linked Trust Certificates

The Fund may invest in credit-linked trust certificates, which are

investments in a limited purpose trust or other vehicle which, in turn,

invests in a basket of derivative instruments, such as credit default

swaps, total return swaps, interest rate swaps or other securities, in

order to provide exposure to the high yield or another debt securities

market. Like an investment in a bond, investments in credit-linked trust

certificates represent the right to receive periodic income payments (in

the form of distributions) and payment of principal at the end of the

term of the certificate. However, these payments are conditioned on the

trust's receipt of payments from, and the trust's potential obligations to,

the counterparties to the derivative instruments and other securities in

which the trust invests. For instance, the trust may sell one or more

credit default swaps, under which the trust would receive a stream of

payments over the term of the swap agreements provided that no event

of default has occurred with respect to the referenced debt obligation

upon which the swap is based. If a default occurs, the stream of

payments may stop and the trust would be obligated to pay to the

counterparty the par (or other agreed upon value) of the referenced

debt obligation. This, in turn, would reduce the amount of income and

principal that the Fund would receive as an investor in the trust. The

Fund's investments in these instruments are indirectly subject to the

risks associated with derivative instruments, including, among others,

credit risk, default or similar event risk, counterparty risk, interest rate

risk, leverage risk, valuation risk and management risk. It is expected

that the trusts that issue credit-linked trust certificates will constitute

"private" investment companies, exempt from registration under the

1940 Act. Therefore, the certificates will not be subject to applicable

investment limitations and other regulation imposed by the 1940 Act

(although the Fund will remain subject to such limitations and

regulation, including with respect to its investments in the certificates).

Although the trusts are typically private investment companies, they

generally are not actively managed such as a "hedge fund" might be. It

also is expected that the certificates will be exempt from registration

under the Securities Act. Accordingly, there may be no established

trading market for the certificates and they may constitute illiquid

investments. See "Principal Risks of the Fund—Liquidity Risk." If market

quotations are not readily available for the certificates, they will be

valued by the Valuation Designee (as defined below) at fair value. See

"How Fund Shares are Priced." The Fund may lose its entire investment

in a credit-linked trust certificate.

Other Investment Companies

The Fund may invest in securities of other open- or closed-end

investment companies (including those advised by PIMCO), including,

without limitation, domestic and foreign ETFs, to the extent that such

investments are consistent with the Fund's investment objective,

strategies and policies and permissible under the 1940 Act. The Fund

may invest in other investment companies to gain broad market or

sector exposure or for cash management purposes, including during

periods when it has large amounts of uninvested cash or when PIMCO

believes share prices of other investment companies offer attractive

values. The Fund may invest in certain money market funds and/or

short-term bond funds ("Central Funds"), to the extent permitted by the

1940 Act, the rules thereunder or exemptive relief therefrom. The

Central Funds are registered investment companies created for use by

certain registered investment companies advised by PIMCO in

connection with their cash management activities.The Fund treats its

investments in other investment companies that invest primarily in types

of securities in which the Fund may invest directly as investments in

such types of securities for purposes of the Fund's investment policies

(e.g., the Fund's investment in an investment company that invests

primarily in debt securities will be treated by the Fund as an investment

in a debt security). As a shareholder in an investment company, the

Fund would bear its ratable share of that investment company's

expenses and would remain subject to payment of the Fund's

management fees and other expenses with respect to assets so

invested. Common Shareholders would therefore be subject to

duplicative expenses to the extent the Fund invests in other investment

companies. Other investment companies may be leveraged, in which

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case the NAV and/or market value of the investment company's shares

will be more volatile than unleveraged investments. See "Principal Risks

of the Fund—Leverage Risk."

The Fund may also invest in other pooled investment vehicles, including

Private Funds. Private Funds are not subject to the 1940 Act, nor are

they publicly traded. As a result, the Fund's investments in Private Funds

would not be subject to the protections afforded to shareholders under

the 1940 Act. These protections include, among others, certain

corporate governance standards, such as the requirement of having a

certain percentage of the directors serving on a board as independent

directors, statutory protections against self-dealing by the Private Fund

managers, and leverage limitations. By investing in Private Funds

indirectly through the Fund, a shareholder bears two layers of

asset-based fees and expenses – at the Fund level and the Private Fund

level – in addition to indirectly bearing any performance fees charged by

the Private Fund.

Further, Private Funds are not subject to the same investment limitations

as the Fund and may have different and contrary investment limitations

and other policies. Unlike registered investment companies, Private

Funds currently are not obligated by regulations or law to disclose

publicly the contents of their portfolios. As such, the Fund has limited

visibility into the underlying investments of Private Funds and is

dependent on information provided by the private fund managers. This

lack of transparency may make it difficult for PIMCO to monitor the

sources of the Fund's income and the allocation of its assets, and

otherwise comply with regulations applicable to the Fund, may result in

style drift, and ultimately may limit the universe of Private Funds in

which the Fund can invest. Given the limited liquidity of Private Funds,

the Fund may not be able to alter its portfolio allocation in sufficient

time to respond to any such changes, resulting in substantial losses

from risks of Private Funds.

A Private Fund in which the Fund invests may be treated as a

partnership for U.S. federal income tax purposes. The Fund's intention to

qualify and be eligible for treatment as a RIC may limit its ability to

acquire or continue to hold positions in Private Funds that are treated as

partnerships for U.S. federal income tax purposes that would otherwise

be consistent with its investment strategy or may require the Fund to

engage in transactions in which it would otherwise not engage,

resulting in additional transaction costs and reducing the Fund's return

to shareholders. Please refer to "Taxation" in the Statement of

Additional Information for a detailed discussion of the tax risks relating

to an investment in a Private Fund.

Common Stocks and Other Equity Securities

The Fund may invest in equity securities, including common stocks,

common shares of other investment companies (including those advised

by PIMCO), such as open-end or closed-end management investment

companies and domestic and foreign ETFs, shares of REITs and

preferred stock. Common stocks include common shares and other

common equity interests issued by public or private issuers.

In connection with the restructuring of a debt instrument, either outside

of bankruptcy court or in the context of bankruptcy court proceedings,

the Fund may determine or be required to accept common stocks or

other equity securities in exchange for all or a portion of the debt

instrument. Depending upon, among other things, PIMCO's evaluation

of the potential value of such securities in relation to the price that

could be obtained by the Fund at any given time upon sale thereof, the

Fund may determine to hold these equity securities in its portfolio.

Although common stocks and other equity securities have historically

generated higher average returns than debt securities over the long

term, they also have experienced significantly more volatility in those

returns and in certain years have significantly underperformed relative

to debt securities. An adverse event, such as an unfavorable earnings

report, may depress the value of a particular equity security held by the

Fund. Also, prices of common stocks and other equity securities are

sensitive to general movements in the equity markets and a decline in

those markets may depress the prices of the equity securities held by the

Fund. The prices of equity securities fluctuate for many different reasons,

including changes in investors' perceptions of the financial condition of

an issuer or the general condition of the relevant stock market or when

political or economic events affecting the issuer occur. In addition, prices

of equity securities may be particularly sensitive to rising interest rates,

as the cost of capital rises and borrowing costs increase. The Fund may

invest in common shares of pooled vehicles, such as those of other

investment companies, and in common shares of REITs.

Alt Lending ABS

The Fund may invest, either directly or indirectly through its wholly

owned Subsidiaries, in Alt Lending ABS backed by consumer, residential

or other loans, issued by an SPE sponsored by an online or alternative

lending platform or an affiliate thereof.

When purchasing Alt Lending ABS collateralized by loans, the Fund is

not restricted by any particular borrower credit criteria. Accordingly,

certain loans underlying any Alt Lending ABS purchased by the Fund

may be subprime in quality, or may become subprime in quality.

Alternative lending, which may include or sometimes be referred to as

peer-to-peer lending, online lending or marketplace lending, is a

method of financing in which an alternative lending platform (i.e., an

online lending marketplace or lender that is not a traditional lender,

such as a bank) facilitates the borrowing and lending of money while

generally not relying on deposits for capital to fund loans. It is

considered an alternative to more traditional debt financing done

through a bank. There are several different models of alternative lending

but, very generally, a platform typically matches consumers, small or

medium-sized businesses or other types of borrowers with investors

that are interested in gaining investment exposure to the loans made to

such borrowers. Prospective borrowers are usually required to provide or

give access to certain financial information to the platform, such as the

intended purpose of the loan, income, employment information, credit

score, debt-to-income ratio, credit history (including defaults and

delinquencies) and home ownership status, and, in the case of small

business loans, business financial statements and personal credit

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information regarding any guarantor, some of which information is

made available to prospective lenders. Often, platforms charge fees to

borrowers to cover these screening and administrative costs. Based on

this and other relevant supplemental information, the platform usually

assigns its own credit rating to the borrower and sets the interest rate

for the requested borrowing. Platforms then post the borrowing

requests online and investors may choose among the loans, based on

the interest rates the loans are expected to yield less any servicing or

origination fees charged by the platform or others involved in the

lending arrangement, the background data provided on the borrowers

and the credit rating assigned by the platform. In some cases, a platform

partners with a bank to originate a loan to a borrower, after which the

bank sells the loan to the platform or directly to the investor;

alternatively, some platforms may originate loans themselves. Some

investors, including the Fund, may not review the particular

characteristics of the loans in which they invest at the time of

investment, but rather negotiate in advance with platforms the general

criteria of the investments, as described above. As a result, the Fund is

dependent on the platforms' ability to collect, verify and provide

information to the Fund about each loan and borrower.

Platforms may set minimum eligibility standards for borrowers to

participate in alternative lending arrangements and may limit the

maximum permitted borrowings. Depending on the purpose and nature

of the loan, its term may, for example, be as short as six months or

shorter, or as long as thirty years or longer.

Private Placements

A private placement involves the sale of securities that have not been

registered under the Securities Act, or relevant provisions of applicable

non-U.S. law, to certain institutional and qualified individual purchasers,

such as the Fund. In addition to the general risks to which all securities

are subject, securities received in a private placement generally are

subject to strict restrictions on resale, and there may be no liquid

secondary market or ready purchaser for such securities. Therefore, the

Fund may be unable to dispose of such securities when it desires to do

so, or at the most favorable time or price. Private placements may also

raise valuation risks.

Rule 144A Securities

The Fund may invest in securities that have not been registered for

public sale, but that are eligible for purchase and sale pursuant to

Rule 144A under the Securities Act. Rule 144A permits certain qualified

institutional buyers, such as the Fund, to trade in privately placed

securities that have not been registered for sale under the Securities Act.

Rule 144A securities may be deemed illiquid, although the Fund may

determine that certain Rule 144A securities are liquid.

"Covenant-lite" Obligations

The Fund may invest in, or obtain exposure to, obligations that may be

"covenant-lite," which means such obligations lack, or possess fewer,

financial covenants that protect lenders. Covenant-lite agreements

feature incurrence covenants, as opposed to more restrictive

maintenance covenants. Under a maintenance covenant, the borrower

would need to meet regular, specific financial tests, while under an

incurrence covenant, the borrower only would be required to comply

with the financial tests at the time it takes certain actions (e.g., issuing

additional debt, paying a dividend, making an acquisition). A

covenant-lite obligation contains fewer maintenance covenants than

other obligations, or no maintenance covenants, and may not include

terms that allow the lender to monitor the performance of the borrower

and declare a default if certain criteria are breached.

Repurchase Agreements

The Fund may enter into repurchase agreements, in which the Fund

purchases a security from a bank or broker-dealer, which agrees to

repurchase the security at the Fund's cost plus interest within a specified

time. If the party agreeing to repurchase should default, the Fund would

seek to sell the securities which it holds. This could involve costs or

delays in addition to a loss on the securities if their value should fall

below their repurchase price. The security subject to a repurchase

agreement may be or become illiquid. These events could also trigger

adverse tax consequences for the Fund.

When-Issued, Delayed Delivery and Forward Commitment

Transactions

The Fund may purchase or sell securities that it is eligible to purchase or

sell on a when-issued basis, may purchase or sell such securities for

delayed delivery and may make contracts to purchase or sell such

securities for a fixed price at a future date beyond normal settlement

time (forward commitments). When-issued transactions, delayed

delivery purchases and forward commitments involve a risk of loss if the

value of the securities declines prior to the settlement date. This risk is in

addition to the risk that the Fund's other assets will decline in value.

Therefore, these transactions may result in a form of leverage and

increase the Fund's overall investment exposure. Typically, no income

accrues on securities the Fund has committed to purchase prior to the

time delivery of the securities is made. When the Fund has sold a

security on a when-issued, delayed delivery or forward commitment

basis, the Fund does not participate in future gains or losses with

respect to the security. If the other party to a transaction fails to pay for

the securities, the Fund could suffer a loss. Additionally, when selling a

security on a when-issued, delayed delivery or forward commitment

basis without owning the security, the Fund will incur a loss if the

security's price appreciates in value such that the security's price is

above the agreed-upon price on the settlement date.

Short Sales

A short sale is a transaction in which the Fund sells a security or other

instrument that it does not own in anticipation that the market price will

decline. The Fund may use short sales for investment purposes or for

hedging and risk management purposes. The Fund may also take short

positions with respect to the performance of securities, indexes, interest

rates, currencies and other assets or markets through the use of

derivative or forward instruments. When the Fund engages in a short

sale of a security, it must borrow the security sold short and deliver it to

the counterparty. The Fund may have to pay a fee to borrow particular

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securities and would often be obligated to pay over any payments

received on such borrowed securities. The Fund's obligation to replace

the borrowed security will be secured by collateral deposited with the

Fund's custodian in the name of the lender. The Fund may not receive

any payments (including interest) on its collateral. Short sales expose the

Fund to the risk that it will be required to cover its short position at a

time when the securities have appreciated in value, thus resulting in a

loss to the Fund. The Fund may engage in so-called "naked" short sales

when it does not own or have the immediate right to acquire the

security sold short at no additional cost, in which case the Fund's losses

theoretically could be unlimited.

A short sale is "against the box" to the extent that the Fund

contemporaneously owns, or has the right to obtain at no added cost,

securities identical to those sold short. If the price of the security sold

short increases between the time of the short sale and the time that the

Fund replaces the borrowed security, the Fund will incur a loss;

conversely, if the price declines, the Fund will realize a gain. Any gain

will be decreased, and any loss increased, by the transaction costs

described above. The successful use of short selling may be adversely

affected by imperfect correlation between movements in the price of the

security sold short and securities being hedged if the short sale is being

used for hedging purposes.See "Principal Risks of the Fund-Derivatives

Risk" and "Principal Risks of the Fund-Short Exposure Risk." See also

"Principal Risks of the Fund-Leverage Risk". The Fund may engage in

short selling to the extent permitted by the 1940 Act and other federal

securities laws.

Subsidiaries

The Fund may execute its strategy by investing through one or more

Subsidiaries. The Fund does not currently intend to sell or transfer all or

any portion of its ownership interest in a Subsidiary.

Lending of Portfolio Securities

For the purpose of achieving income, the Fund may lend its portfolio

securities to brokers, dealers or other financial institutions provided a

number of conditions are satisfied, including that the loan is fully

collateralized. See "Investment Objective and Policies—Loans of

Portfolio Securities" in the Statement of Additional Information for

details. When the Fund lends portfolio securities, its investment

performance will continue to reflect changes in the value of the

securities loaned. The Fund will also receive a fee or interest on the

collateral. Securities lending involves the risk of loss of rights in the

collateral or delay in recovery of the collateral if the borrower fails to

return the security loaned or becomes insolvent, or the risk of loss due

to the investment performance of the collateral. The Fund may pay

lending fees to the party arranging the loan , which may be an affiliate

of the Fund.

As a shareholder of an investment company or other pooled vehicle, the

Fund may indirectly bear investment advisory fees, supervisory and

administrative fees, service fees and other fees which are in addition to

the fees the Fund pays its service providers. To the extent such cash

collateral is invested in an affiliated money market or short-term mutual

fund, such fees generally will not be waived, and PIMCO expects to

select such an investment without considering or canvassing the

universe of available unaffiliated investment companies.

Portfolio Turnover

The length of time the Fund has held a particular security is not

generally a consideration in investment decisions. A change in the

securities held by the Fund is known as "portfolio turnover." The Fund

may engage in frequent and active trading of portfolio securities to

achieve its investment objective, particularly during periods of volatile

market movements. High portfolio turnover (e.g., over 100%) generally

involves correspondingly greater expenses to the Fund, including

brokerage commissions or dealer mark-ups and other transaction costs

on the sale of securities and reinvestments in other securities. Sales of

portfolio securities may also result in realization of taxable capital gains,

including short-term capital gains (which are generally treated as

ordinary income upon distribution in the form of dividends). The trading

costs and tax effects associated with portfolio turnover may adversely

affect the Fund's performance.

Please see "Investment Objective and Policies" in the Statement of

Additional Information for additional information regarding the

investments of the Fund and their related risks.

Use of Leverage

The Fund currently utilizes leverage principally through reverse

repurchase agreements and may also obtain leverage through credit

default swaps, dollar rolls/buybacks and borrowings, such as through

bank loans or commercial paper and/or other credit facilities. The Fund

may also enter into transactions other than those noted above that may

give rise to a form of leverage including, among others, futures and

forward contracts (including foreign currency exchange contracts), credit

default swaps, total return swaps and other derivative transactions,

loans of portfolio securities, short sales and when-issued, delayed

delivery and forward commitment transactions. The Fund may also

determine to issue preferred shares or other types of senior securities to

add leverage to its portfolio. By using leverage, the Fund will seek to

obtain a higher return for holders of Common Shares than if the Fund

did not use leverage. The Fund's Board of Trustees may authorize the

issuance of preferred shares without the approval of Common

Shareholders. If the Fund issues preferred shares in the future, all costs

and expenses relating to the issuance and ongoing maintenance of the

preferred shares will be borne by the Common Shareholders, and these

costs and expenses may be significant. When the Fund reduces or

discontinues its use of leverage ("deleveraging'), it may be required to

sell portfolio securities at inopportune times to repay leverage

obligations, which could result in realized losses and a decrease in the

Fund's net asset value. Deleveraging involves complex operational

processes, including the coordination of asset sales, repayment of debt,

and potential restructuring of the Fund's capital and may involve

significant costs, including transaction costs associated with the sale of

portfolio securities, prepayment penalties on borrowed funds, and, if

applicable, fees related to the redemption of preferred shares.

Leveraging transactions pursued by the Fund may increase its duration

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and sensitivity to interest rate changes and other market risks. The Fund

may continue to use leverage even if available financing rates are higher

than anticipated returns, including, for example, in cases where

deleveraging, including any expenses related thereto, might be viewed

as detrimental to the Fund's portfolio. The Fund intends to utilize reverse

repurchase agreements, dollar rolls/buybacks, borrowings and other

forms of leverage opportunistically and may choose to increase or

decrease, or eliminate entirely, its use of leverage over time and from

time to time based on PIMCO's assessment of the yield curve

environment, interest rate trends, market conditions and other factors.

The net proceeds the Fund obtains from reverse repurchase agreements,

credit default swaps, dollar rolls/buybacks or other forms of leverage

utilized will be invested in accordance with the Fund's investment

objective and policies as described in this prospectus. So long as the rate

of return, net of applicable Fund expenses, on the debt obligations and

other Fund assets attributable to leverage exceeds the costs to the Fund

of the leverage it utilizes, the investment of the Fund's assets

attributable to leverage will generate more income than will be needed

to pay the costs of the leverage. If so, and all other things being equal,

the excess may be used to pay higher dividends to Common

Shareholders than if the Fund were not so leveraged.

The 1940 Act generally prohibits the Fund from engaging in most forms

of leverage representing indebtedness (including the use of bank loans,

commercial paper or other credit facilities) unless immediately after the

issuance of the leverage the Fund has satisfied the asset coverage test

with respect to senior securities representing indebtedness prescribed

by the 1940 Act; that is, the value of the Fund's total assets less all

liabilities and indebtedness not represented by senior securities (for

these purposes, "total net assets") is at least 300% of the senior

securities representing indebtedness (effectively limiting the use of

leverage through senior securities representing indebtedness to 33

∕

%

of the Fund's total net assets, including assets attributable to such

leverage). In addition, the Fund is not permitted to declare any cash

dividend or other distribution on Common Shares unless, at the time of

such declaration, this asset coverage test is satisfied. To the extent that

the Fund engages in borrowings, it may prepay a portion of the principal

amount of the borrowing to the extent necessary in order to maintain

the required asset coverage. Failure to maintain certain asset coverage

requirements could result in an event of default by the Fund with

respect to bank borrowings or other arrangements. The Fund's use of

derivatives transactions and other similar instruments is generally

subject to a value-at-risk leverage limit, derivatives risk management

program, and reporting requirements under Rule 18f-4 under the 1940

Act unless the Fund qualifies as a "limited derivatives user" as defined

in the rule or the Fund's use of such an instrument satisfies the

conditions of certain exemptions under the rule.

Leveraging is a speculative technique and there are special risks and

costs involved. There is no assurance that the Fund will utilize reverse

repurchase agreements, credit default swaps, dollar rolls/buybacks or

borrowings, issue preferred shares or utilize any other forms of leverage

(such as the use of derivatives strategies). If used, there can be no

assurance that the Fund's leveraging strategies will be successful or

result in a higher yield on your Common Shares. When leverage is used,

the NAV of the Common Shares and the yield to Common Shareholders

will be more volatile. In addition, interest and other expenses borne by

the Fund with respect to its use of reverse repurchase agreements,

dollar rolls/buybacks, borrowings or any other forms of leverage are

borne by the Common Shareholders and result in a reduction of the

NAV of the Common Shares. In addition, because the fees received by

the Investment Manager are based on the average daily "total managed

assets" of the Fund (including any assets attributable to any reverse

repurchase agreements, dollar rolls/buybacks, borrowings and any

preferred shares that may be outstanding, if issued), the Investment

Manager has a financial incentive for the Fund to use certain forms of

leverage (e.g., reverse repurchase agreements, dollar rolls/buybacks,

borrowings and preferred shares), which may create a conflict of

interest between the Investment Manager, on the one hand, and the

Common Shareholders, on the other hand.

The Fund also may borrow money in order to repurchase its shares or as

a temporary measure for extraordinary or emergency purposes,

including for the payment of dividends or the settlement of securities

transactions which otherwise might require untimely dispositions of

portfolio securities held by the Fund.

Effects of Leverage

The following table is furnished in response to requirements of the SEC.

It is designed to illustrate the effects of leverage through the use of

senior securities, as that term is defined under Section 18 of the 1940

Act, on Common Share total return, assuming investment portfolio total

returns (consisting of income and changes in the value of investments

held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. Although

not considered senior securities, the table below reflects the Fund's use

of leverage in the form of reverse repurchase agreements as of June 30,

2025 averaged over the fiscal year ended June 30, 2025, which

represented approximately 13.23% of the Fund's average total

managed assets (including assets attributable to such leverage) at an

estimated annual average effective interest expense rate of 4.64%

payable by the Fund on such instruments which is the weighted average

interest rate cost during the fiscal year ended June 30, 2025. Based on

such estimated annual effective interest expense rate, the annual return

that the Fund's portfolio must experience (net of non-interest expenses)

in order to cover such costs is 0.55%. The information below does not

reflect the Fund's use of certain other forms of economic leverage

achieved through the use of other instruments or transactions not

considered to be senior securities under the 1940 Act, such as credit

default swaps or other derivative instruments. The assumed investment

portfolio returns in the table below are hypothetical figures and are not

necessarily indicative of the investment portfolio returns expected to be

experienced by the Fund. Your actual returns may be greater or less than

those appearing below. In addition, actual borrowing expenses

associated with reverse repurchase agreements (or borrowings, if any)

used by the Fund may vary frequently and may be significantly higher or

lower than the rate used for the example below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Total Return | (10.00)% | (5.00)% | 0.00% | 5.00% | 10.00% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Common Shares Total Return (net of <br>expenses)<br>| (12.23)% | (6.47)% | (0.71)% | 5.06% | 10.82% |

---

Common Shares Total Return is composed of two elements—the

distributions paid by the Fund to holders of Common Shares (the

amount of which is largely determined by the net investment income of

the Fund after paying dividend payments on any preferred shares issued

by the Fund and expenses on any forms of leverage outstanding) and

gains or losses on the value of the securities and other instruments the

Fund owns. As required by SEC rules, the table assumes that the Fund is

more likely to suffer capital losses than to enjoy capital appreciation. For

example, to assume a total return (before expenses) of 0%, the Fund

must assume that the income it receives on its investments is entirely

offset by losses in the value of those investments. This table reflects

hypothetical performance of the Fund's portfolio and not the actual

performance of the Fund's Common Shares, the value of which is

determined by market forces and other factors.

Should the Fund elect to add additional leverage, any benefits of such

leverage cannot be fully achieved until the proceeds resulting from the

use of such leverage have been received by the Fund and invested in

accordance with the Fund's investment objective and policies. As noted

above, the Fund's willingness to use additional leverage, and the extent

to which leverage is used at any time, will depend on many factors,

including, among other things, PIMCO's assessment of the yield curve

environment, interest rate trends, market conditions and other factors.

Principal Risks of the Fund

The NAV of the Common Shares will fluctuate with and be affected by,

among other things, various principal risks of the Fund and its

investments which are summarized below. The Fund is subject to the

principal risks noted below, whether through the Fund's direct

investments, investments by its Subsidiaries or derivatives positions.

Limited Prior History

The Fund is a non-diversified, closed-end management investment

company with limited history of operations and is designed for

long-term investors and not as a trading vehicle.

New/Small Fund Risk

A new or smaller fund's performance may not represent how the fund is

expected to or may perform in the long term if and when it becomes

larger and has fully implemented its investment strategies. Investment

positions may have a disproportionate impact (negative or positive) on

performance in a new and smaller fund, such as the Fund. New and

smaller funds may also require a period of time before they are invested

in securities that meet their investment objectives and policies and

achieve a representative portfolio composition. Fund performance may

be lower or higher during this "ramp-up" period, and may also be more

volatile, than would be the case after the fund is fully invested. Similarly,

a new or smaller fund's investment strategy may require a longer period

of time to show returns that are representative of the strategy. New

funds have limited performance histories for investors to evaluate and

new and smaller funds may not attract sufficient assets to achieve

investment and trading efficiencies. If a new or smaller fund were to fail

to successfully implement its investment strategies or achieve its

investment objectives, performance may be negatively impacted, and

any resulting liquidation could create negative transaction costs for the

fund and tax consequences for investors.

Emerging Markets Risk

Foreign (non-U.S.) investment risk may be particularly high to the extent

that the Fund invests in securities of issuers based in or doing business

in emerging market countries or invests in securities denominated in the

currencies of emerging market countries. Investing in securities of

issuers based in or doing business in emerging markets entails all of the

risks of investing in foreign securities noted below, but to a heightened

degree.

Investments in emerging market countries pose a greater degree of

systemic risk (i.e., the risk of a cascading collapse of multiple institutions

within a country, and even multiple national economies). The

inter-relatedness of economic and financial institutions within and

among emerging market economies has deepened over the years, with

the effect that institutional failures and/or economic difficulties that are

of initially limited scope may spread throughout a country, a region or

all or most emerging market countries. This may undermine any attempt

by the Fund to reduce risk through geographic diversification of its

portfolio.

There is a heightened possibility of imposition of withholding or other

taxes on interest or dividend income or capital gains generated from

emerging market securities. Governments of emerging market countries

may engage in confiscatory taxation or expropriation of income and/or

assets to raise revenues or to pursue a domestic political agenda. In the

past, emerging market countries have nationalized assets, companies

and even entire sectors, including the assets of foreign investors, with

inadequate or no compensation to the prior owners. There can be no

assurance that the Fund will not suffer a loss of any or all of its

investments, or interest or dividends thereon, due to adverse fiscal or

other policy changes in emerging market countries.

There is also a greater risk that an emerging market government may

take action that impedes or prevents the Fund from taking income

and/or capital gains earned in the local currency and converting into

U.S. dollars (i.e., "repatriating" local currency investments or profits).

Certain emerging market countries have sought to maintain foreign

exchange reserves and/or address the economic volatility and

dislocations caused by the large international capital flows by

controlling or restricting the conversion of the local currency into other

currencies. This risk tends to become more acute when economic

conditions otherwise worsen. There can be no assurance that if the Fund

earns income or capital gains in an emerging market currency or PIMCO

otherwise seeks to withdraw the Fund's investments from a given

emerging market country, capital controls imposed by such country will

not prevent, or cause significant expense, or delay in, doing so.

Bankruptcy law and creditor reorganization processes may differ

substantially from those in the United States, resulting in greater

uncertainty as to the rights of creditors, the enforceability of such rights,

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reorganization timing and the classification, seniority and treatment of

claims. In certain emerging market countries, although bankruptcy laws

have been enacted, the process for reorganization remains highly

uncertain. In addition, it may be impossible to seek legal redress against

an issuer that is a sovereign state.

Emerging market countries typically have less established regulatory,

disclosure, legal, accounting, recordkeeping and financial reporting

systems than those in more developed markets, which may increase the

potential for market manipulation or reduce the scope or quality of

financial information available to investors. Governments in emerging

market countries are often less stable and more likely to take extra-legal

action with respect to companies, industries, assets, or foreign

ownership than those in more developed markets. Moreover, it can be

more difficult for investors to bring litigation or enforce judgments

against issuers in emerging markets or for U.S. regulators to bring

enforcement actions, or obtain information needed to pursue or enforce

such judgments, against such issuers. In addition, foreign companies

with securities listed on U.S. exchanges may be delisted if they do not

meet U.S. accounting standards and auditor oversight requirements,

which may decrease the liquidity and value of the securities. The Fund

may also be subject to emerging markets risk if it invests in derivatives

or other securities or instruments whose value or return are related to

the value or returns of emerging markets securities.

Other heightened risks associated with emerging markets investments

include without limitation, (i) risks due to less social, political and

economic stability; (ii) the smaller size of the market for such securities

and a lower volume of trading, resulting in a lack of liquidity and in

price volatility; (iii) certain national policies which may restrict the Fund's

investment opportunities, including sanctions and restrictions on

investing in issuers or industries deemed sensitive to relevant national

interests and requirements that government approval be obtained prior

to investment by foreign persons; (iv) certain national policies that may

restrict the Fund's repatriation of investment income, capital or the

proceeds of sales of securities, including temporary restrictions on

foreign capital remittances; (v) the lack of uniform accounting and

auditing standards and/or standards that may be significantly different

from the standards required in the United States; (vi) less publicly

available financial and other information regarding issuers; (vii)

potential difficulties in enforcing contractual obligations; and (viii)

higher rates of inflation, higher interest rates and other economic

concerns. Countries with emerging securities markets may additionally

experience problems with share registration, settlement and custody,

which may result in losses to the Fund. The Fund may invest to a

substantial extent in emerging market securities that are denominated

in local currencies, subjecting the Fund to a greater degree of foreign

currency risk. Also, investing in emerging market countries may entail

purchases of securities of issuers that are insolvent, bankrupt or

otherwise of questionable ability to satisfy their payment obligations as

they become due, subjecting the Fund to a greater amount of credit risk

and/or high yield risk. The economy of some emerging markets may be

particularly exposed to or affected by a certain industry or sector, and

therefore issuers and/or securities of such emerging markets may be

more affected by the performance of such industries or sectors.

The currencies of emerging market countries may experience significant

declines against the U.S. dollar, and devaluation may occur subsequent

to investments in these currencies by the Fund. Many emerging market

countries have experienced substantial, and in some periods extremely

high, rates of inflation for many years. Inflation and rapid fluctuations in

inflation rates have had, and may continue to have, negative effects on

the economies and securities markets of certain emerging market

countries.

Emerging securities markets may have different clearance and

settlement procedures, which may be unable to keep pace with the

volume of securities transactions or otherwise make it difficult to

engage in such transactions. Settlement problems may cause the Fund

to miss attractive investment opportunities, hold a portion of the assets

in cash pending investment, or be delayed in disposing of a portfolio

security. Such a delay could result in possible liability to a purchaser of

the security. Custody services in many emerging market countries

remain undeveloped. The Fund will be investing in emerging market

countries where the current law and market practice carry fewer

safeguards than in more developed markets, including the protection of

client securities against claims from general creditors in the event of the

insolvency of an agent selected to hold securities on behalf of the Fund,

and the Fund's custodian and the Investment Manager have assumed

no liability for losses resulting from the Fund acting in accordance with

such practice.

For the avoidance of doubt, the emerging markets in which the Fund

may invest include frontier markets. Frontier market countries are

emerging market countries, but generally have smaller economies or

less mature capital markets than more developed emerging markets,

and, as a result, the risks of investing in emerging market countries are

magnified in frontier countries. The markets of frontier countries typically

have low trading volumes and the potential for extreme price volatility

and illiquidity. This volatility may be further heightened by the actions of

a few major investors. For example, a substantial increase or decrease in

cash flows of funds investing in these markets could significantly affect

local stock prices and, therefore, the net asset value of Fund shares.

These factors make investing in frontier countries significantly riskier

than in other countries, including other emerging market countries.

Foreign (Non-U.S.) Investment Risk

Foreign (non-U.S.) securities may experience more rapid and extreme

changes in value than securities of U.S. issuers or securities that trade

exclusively in U.S. markets. The securities markets of many foreign

countries are relatively small, with a limited number of companies

representing a small number of industries. Additionally, issuers of

foreign (non-U.S.) securities are usually not subject to the same degree

of regulation as U.S. issuers. Financial Reporting, legal, corporate

governance, accounting, auditing and custody standards of foreign

countries differ, in some cases significantly, from U.S. standards. Global

economies and financial markets are becoming increasingly

interconnected, and conditions and events in one country, region or

financial market may adversely impact issuers in a different country,

region or financial market. Foreign (non-U.S.) market trading hours,

clearance and settlement procedures, and holiday schedules may limit

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the Fund's ability to buy and sell securities. Investments in foreign

(non-U.S.) markets may also be adversely affected by governmental

actions such as the imposition of capital controls, nationalization of

companies or industries, expropriation of assets or the imposition of

punitive taxes. The governments of certain countries may prohibit or

impose substantial restrictions on foreign (non-U.S.) investing in their

capital markets or in certain sectors or industries. In addition, a foreign

(non-U.S.) government may limit or cause delay in the convertibility or

repatriation of its currency which would adversely affect the U.S. dollar

value and/or liquidity of investments denominated in that currency.

Certain foreign (non-U.S.) investments may become less liquid in

response to market developments or adverse investor perceptions, or

become illiquid after purchase by the Fund, particularly during periods

of market turmoil. A reduction in trading in securities of issuers located

in countries whose economies are heavily dependent upon trading with

key partners may have an adverse impact on the Fund's investments.

Also, nationalization, expropriation or confiscatory taxation, unstable

governments, decreased market liquidity, currency blockage, market

disruptions, political changes, security suspensions or diplomatic

developments, trade restrictions (including tariffs) or the imposition of

sanctions or other similar measures could adversely affect the Fund's

investments in a foreign (non-U.S.) country and may render holdings in

that foreign (non-U.S.) country illiquid or even worthless. In the event of

nationalization, expropriation or other confiscation, the Fund could lose

its entire investment in foreign (non-U.S.) securities. The type and

severity of sanctions and other similar measures, including counter

sanctions and other retaliatory actions, that may be imposed could vary

broadly in scope, and their impact is difficult to ascertain. These types of

measures may include, but are not limited to, banning a sanctioned

country or certain persons or entities associated with such country from

global payment systems that facilitate cross-border payments, restricting

securities transactions, restricting dealings with entities that are critical

to the infrastructure of securities and related transactions in specific

jurisdictions, restricting transactions in specified sectors of certain

countries, and freezing the assets of particular countries, entities or

persons. The imposition of sanctions and other similar measures could,

among other things, result in a decline in the value and/or liquidity of

affected securities, downgrades in the credit ratings of affected or

related securities, currency devaluation or volatility, and increased

market volatility and disruption in the securities or sanctioned country

and throughout the world. Sanctions and other similar measures could

directly or indirectly limit or prevent the Fund from buying and selling

securities, receiving interest or principal payments due on the securities,

significantly delay or prevent securities transactions, and adversely

impact the Fund's liquidity and performance and/or prevent the

liquidation of a portfolio holding sanctioned securities. Adverse

conditions in a certain region can adversely affect securities of other

countries whose economies appear to be unrelated. To the extent that

the Fund invests a significant portion of its assets in a specific

geographic region or in securities denominated in a particular foreign

(non-U.S.) currency, the Fund will generally have more exposure to

regional economic risks, including weather emergencies and natural

disasters, associated with foreign (non-U.S.) investments. Additionally,

events and evolving conditions in certain markets or regions may alter

the risk profile of investments tied to those markets or regions. This may

cause investments tied to such markets or regions to become riskier or

more volatile, even when investments in such markets or regions were

perceived as comparatively stable historically. Foreign (non-U.S.)

securities may also be less liquid (particularly during market closures

due to local market holidays or other reasons) and more difficult to

value than securities of U.S. issuers.

Investments in China.

The Fund may invest in securities and

instruments that are economically tied to the People's Republic of China

(excluding Hong Kong, Macau and Taiwan for the purpose of this

disclosure) ("PRC"). In determining whether an instrument is

economically tied to the PRC, PIMCO uses the criteria for determining

whether an instrument is economically tied to an emerging market

country as set forth above. Investing in securities and instruments

economically tied to the PRC subjects the Fund to certain of the risks of

investing in foreign (non-U.S.) securities and emerging market securities,

as well as additional risks specific to China. These additional risks

include (without limitation): (a) inefficiencies resulting from erratic

growth; (b) the unavailability of consistently-reliable economic data or

financial data; (c) potentially high rates of inflation; (d) dependence on

exports and international trade, including the risk of increased trade

tariffs, outbound investment measures, sanctions and embargoes; (e)

relatively high levels of asset price volatility; (f) potential shortage of

liquidity and limited accessibility by foreign (non-U.S.) investors

(including as a result of sanctions); (g) greater competition from

regional economies and territorial and other disputes with other

countries; (h) fluctuations in currency exchange rates or currency

devaluation by the PRC government or central bank, particularly in light

of the relative lack of currency hedging instruments and controls on the

ability to exchange local currency for U.S. dollars; (i) the relatively small

size and absence of operating history of many PRC companies; (j) the

developing nature of the legal and regulatory framework for securities

markets, custody arrangements and commerce; (k) uncertainty and

potential changes with respect to the rules and regulations of the QFII

program and other market access programs through which such

investments are made; (l) the commitment of the PRC government to

continue with its economic reforms; (m) PRC regulators may suspend

trading in PRC issuers (or permit such issuers to suspend trading) during

market disruptions, and that such suspensions may be widespread and

increase the risk of market manipulation; (n) different regulatory and

audit requirements related to the quality of financial statements of

Chinese issuers; (o) limitations on the ability to inspect the quality of

audits performed in the PRC, particularly the Public Company

Accounting Oversight Board's ("PCAOB's") lack of access to inspect

PCAOB-registered accounting firms in the PRC; (p) limitations on the

ability of U.S. authorities to enforce actions against non-U.S. companies

and non-U.S. persons; and (q) limitations on the rights and remedies of

investors as a matter of law. In addition, there also exists control on

foreign (non-U.S.) investment in the PRC and limitations on repatriation

of invested capital.

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In recent years, certain governmental bodies (including the

U.S. government) have considered and, in some cases, imposed

sanctions, trade and investment restrictions and notification

requirements on the PRC (as well as Hong Kong and Macau), and it is

possible that additional restrictions may be imposed or retaliatory action

may be taken in the future. In addition, the U.S. government has

implemented the Outbound Investment Security Program. This program

currently focuses on investments in certain national security sectors

(e.g., semiconductors, artificial intelligence, and quantum information

technology), and it may expand to cover additional sectors over time.

Complying with such restrictions may prevent a Fund from pursuing

certain investments, cause delays or other impediments with respect to

consummating such investments, require notification of such

investments to government authorities, require divestment or freezing of

investments on unfavorable terms, render divestment of

underperforming investments impracticable, negatively impact a Fund's

ability to achieve its investment objective, prevent the Fund from

receiving payments otherwise due it, require a Fund to obtain

information about underlying investors, increase diligence and other

similar costs to the Fund, render valuation of China-related investments

challenging, or require a Fund to consummate an investment on terms

that are less advantageous than would be the case absent such

restrictions. Any of these outcomes could adversely affect the Fund's

performance with respect to such investments, and thus a Fund's

performance as a whole.

Given the complex and evolving relationship between the PRC and

certain other countries, it is difficult to predict the impact of such

restrictions on market conditions. Foreign (non-U.S.) relations, such as

the PRC-U.S. relationship regarding trade, currency exchange,

intellectual property protection, among other things, could also have

implications with respect to capital flow and business operations. For

example, U.S. social, political, regulatory and economic conditions

prompting changes in laws and policies governing foreign (non-U.S.)

trade, manufacturing, developments and investments in the PRC could

limit the Fund's ability to access certain opportunities in PRC or restrict

transaction with certain PRC issuers and, as a result, could adversely

affect the performance of the Fund's investments.

Investments in Russia.

The Fund may invest in securities and

instruments that are economically tied to Russia. Investments in Russia

are subject to various risks such as, but not limited to political,

economic, legal, market and currency risks. The risks include uncertain

political and economic policies, short -term market volatility, poor

accounting standards, corruption and crime, an inadequate regulatory

system, regional armed conflict and unpredictable taxation. Investments

in Russia are particularly subject to the risk that further economic

sanctions, export and import controls, and other similar measures may

be imposed by the United States and/or other countries. Other similar

measures may include, but are not limited to, banning or expanding

bans on Russia or certain persons or entities associated with Russia

from global payment systems that facilitate cross-border payments,

restricting the settlement of securities transactions by certain investors,

and freezing Russian assets or those of particular countries, entities or

persons with ties to Russia (e.g., Belarus). Such sanctions and other

similar measures - which may impact companies in many sectors,

including energy, financial services, technology, accounting, quantum

computing, shipping, aviation, metals and mining, defense, architecture,

engineering, construction, manufacturing and transportation, among

others - and Russia's countermeasures may negatively impact the

Fund's performance and/or ability to achieve its investment objectives.

For example, certain investments may be prohibited and/or existing

investments may become illiquid (e.g., in the event that transacting in

certain existing investments is prohibited, securities markets close, or

market participants cease transacting in certain investments in light of

geopolitical events, sanctions or related considerations), which could

render any such securities held by the Fund unmarketable for an

indefinite period of time and/or cause the Fund to sell other portfolio

holdings at a disadvantageous time or price or to continue to hold

investments that the Fund no longer seeks to hold. In addition, such

sanctions or other similar measures, and the Russian government's

response, could result in a downgrade of Russia's credit rating or of

securities of issuers located in or economically tied to Russia,

devaluation of Russia's currency and/or increased volatility with respect

to Russian securities and the ruble. Moreover, disruptions caused by

Russian military action or other actions (including cyberattacks,

espionage or other asymmetric measures) or resulting actual or

threatened responses to such activity may impact Russia's economy and

Russian and other issuers of securities in which the Fund is invested.

Such resulting actual or threatened responses may include, but are not

limited to, purchasing and financing restrictions, withdrawal of financial

intermediaries, boycotts or changes in consumer or purchaser

preferences, sanctions, export and import controls, tariffs or cyberattacks

on the Russian government, Russian companies or Russian individuals,

including politicians. Any actions by Russia made in response to such

sanctions or retaliatory measures could further impair the value and

liquidity of Fund investments. Sanctions and other similar measures

have resulted in defaults on debt obligations by certain corporate

issuers and the Russian Federation that could lead to cross-defaults or

cross-accelerations on other obligations of these issuers. The Russian

securities market is characterized by limited volume of trading, resulting

in difficulty in obtaining accurate prices and trading. These issues can be

magnified as a result of sanctions and other similar measures that may

be imposed and the Russian government's response.

The Russian securities market, as compared to U.S. markets, has

significant price volatility, less liquidity, a smaller market capitalization

and a smaller number of traded securities. There may be little publicly

available information about issuers. Settlement, clearing and

registration of securities transactions are subject to risks. Prior to the

implementation of the National Settlement Depository ("NSD"), a

recognized central securities depository, there was no central

registration system for equity share registration in Russia, and

registration was carried out by either the issuers themselves or by

registrars located throughout Russia. Title to Russian equities held

through the NSD is now based on the records of the NSD and not the

registrars. Although the implementation of the NSD has enhanced the

efficiency and transparency of the Russian securities market, issues

resulting in loss can still occur. In addition, sanctions by the European

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Union against the NSD, as well as the potential for sanctions by other

governments, could make it more difficult to conduct or confirm

transactions involving Russian securities. Ownership of securities issued

by Russian companies that are not held through depositories such as

the NSD may be recorded by companies themselves and by registrars.

Moreover, changes in Russian laws and regulations could require the

transfer of securities from the NSD to registrars or other parties outside

of standard custodial arrangements. In such cases, the risk is increased

that the Fund could lose ownership rights through fraud, negligence or

oversight. While applicable Russian regulations impose liability on

registrars for losses resulting from their errors, it may be difficult for the

Fund to enforce any rights it may have against the registrar or issuer of

the securities in the event of loss of share registration. In addition,

issuers and registrars are still prominent in the validation and approval

of documentation requirements for corporate action processing in

Russia. Because the documentation requirements and approval criteria

vary between registrars and issuers, there remain unclear and

inconsistent market standards in the Russian market with respect to the

completion and submission of corporate action elections. In addition,

sanctions or Russian countermeasures may prohibit or limit the Fund's

ability to participate in corporate actions, and therefore require the Fund

to forego voting on or receiving funds that would otherwise be

beneficial to the Fund. To the extent that the Fund suffers a loss relating

to title or corporate actions relating to its portfolio securities, it may be

difficult for the Fund to enforce its rights or otherwise remedy the loss.

Russian securities laws may not recognize foreign nominee accounts

held with a custodian bank, and therefore the custodian may be

considered the ultimate owner of securities they hold for their clients.

Adverse currency exchange rates are a risk and there may be a lack of

available currency hedging instruments. Investments in Russia may be

subject to the risk of nationalization or expropriation of assets. Oil,

natural gas, metals, minerals and timber account for a significant

portion of Russia's exports, leaving the country vulnerable to swings in

world prices and to sanctions or other actions that may be directed at

the Russian economy as a whole or at Russian oil, natural gas, metals,

minerals or timber industries.

Sovereign Debt Risk

The Fund may have substantial exposure to emerging market sovereign

debt, including quasi-sovereign debt. Sovereign debt includes securities

issued or guaranteed by foreign sovereign governments or their

agencies, authorities, political subdivisions or instrumentalities.

Quasi-sovereign obligations typically are issued by companies or

agencies that may receive financial support or backing from a sovereign

government or in which the government owns a majority of the issuer's

voting shares. Quasi-sovereign obligations are typically less liquid and

less standardized than direct sovereign obligations.

In addition to the other risks applicable to debt investments, sovereign

debt may decline in value as a result of default or other adverse credit

event resulting from an issuer's inability or unwillingness to make

principal or interest payments in a timely fashion. A sovereign entity's

failure to make timely payments on its debt can result from many

factors, including, without limitation, insufficient foreign (non-U.S.)

currency reserves or an inability to sufficiently manage fluctuations in

relative currency valuations, an inability or unwillingness to satisfy the

demands of creditors and/or relevant supranational entities regarding

debt service or economic reforms, the size of the debt burden relative to

economic output and tax revenues, cash flow difficulties and other

political and social considerations. The risk of loss to the Fund in the

event of a sovereign debt default or other adverse credit event is

heightened by the unlikelihood of any formal recourse or means to

enforce its rights as a holder of the sovereign debt. In addition,

sovereign debt restructurings, which may be shaped by entities and

factors beyond the Fund's control, may result in a loss in value of the

Fund's sovereign debt holdings.

Currency Risk

Currency risk may be particularly high because the Fund may, at times

or in general, have substantial exposure to emerging market currencies,

and engage in foreign currency transactions that are economically tied

to emerging market countries. These currency transactions may present

market, credit, currency, liquidity, legal, political, headline, reputational

and other risks different from, or greater than, the risks of investing in

developed foreign (non-U.S.) currencies or engaging in foreign currency

transactions that are economically tied to developed foreign countries.

Investments denominated in foreign (non-U.S.) currencies or that trade

in and receive revenues in, foreign (non-U.S.) currencies, derivatives or

other instruments that provide exposure to foreign (non-U.S.)

currencies, are subject to the risk that those currencies will decline in

value relative to the U.S. dollar, or, in the case of hedging positions, that

the U.S. dollar will decline in value relative to the currency being

hedged.

Currency rates in foreign (non-U.S.) countries may fluctuate significantly

over short periods of time for a number of reasons, including changes in

interest or inflation rates, balance of payments and governmental

surpluses or deficits, intervention (or the failure to intervene) by U.S. or

foreign (non-U.S.) governments, central banks or supranational entities

such as the International Monetary Fund, the imposition of currency

controls or other political developments in the United States or abroad.

As a result, the Fund's investments in or exposure to foreign (non-U.S.)

currencies and/or foreign (non-U.S.) currency-denominated securities

may reduce the returns of the Fund. Currency risk may be particularly

high to the extent that the Fund invests in foreign (non-U.S.) currencies

or engages in foreign currency transactions that are economically tied to

emerging market countries. These currency transactions may present

market, credit, currency, liquidity, legal, political and other risks different

from, or greater than, the risks of investing in developed foreign

(non-U.S.) currencies or engaging in foreign currency transactions that

are economically tied to developed foreign countries. Devaluation of a

currency by a country's government or banking authority can

significantly impact the value of any investments denominated in that

currency. These fluctuations may have a significant adverse impact on

the value of the Fund's portfolio and/or the level of Fund distributions

made to Common Shareholders. There is no assurance that a hedging

strategy, if used, will be successful. The Fund may also be adversely

impacted by expenses incurred by converting between currencies to

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purchase and sell securities not valued in the U.S. dollar, as well as by

currency restrictions, exchange control regulation, or governmental

restrictions that limit or otherwise delay the Fund's ability to convert

currencies.

Moreover, currency hedging techniques may be unavailable with respect

to emerging market currencies. As a result, the Fund's investments in or

exposure to foreign (non-U.S.) currencies and/or foreign (non-U.S.)

currency-denominated, and especially emerging market-currency

denominated, securities may reduce the returns of the Fund.

The local emerging market currencies in which the Fund may be

invested from time to time may experience substantially greater

volatility against the U.S. dollar than the major convertible currencies of

developed countries. Some of the local currencies in which the Fund

may invest are neither freely convertible into one of the major currencies

nor internationally traded. The local currencies may be convertible into

other currencies only inside the relevant emerging market where the

limited availability of such other currencies may tend to inflate their

values relative to the local currency in question. Such internal exchange

markets can therefore be said to be neither liquid nor competitive. In

addition, many of the currencies of emerging market countries in which

the Fund may invest have experienced steady devaluation relative to

freely convertible currencies.

Continuing uncertainty as to the status of the euro and the European

Monetary Union ("EMU") has created significant volatility in currency

and financial markets generally. Any partial or complete dissolution of

the EMU could have significant adverse effects on currency and financial

markets, and on the values of the Fund's portfolio investments. If one or

more EMU countries were to stop using the euro as its primary currency,

the Fund's investments in such countries may be redenominated into a

different or newly adopted currency. As a result, the value of those

investments could decline significantly and unpredictably. In addition,

securities or other investments that are redenominated may be subject

to foreign currency risk, liquidity risk and valuation risk to a greater

extent than similar investments currently denominated in euros. To the

extent a currency used for redenomination purposes is not specified in

respect of certain EMU-related investments, or should the euro cease to

be used entirely, the currency in which such investments are

denominated may be unclear, making such investments particularly

difficult to value or dispose of. The Fund may incur additional expenses

to the extent it is required to seek judicial or other clarification of the

denomination or value of such securities.

There can be no assurance that if the Fund earns income or capital gains

in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund's

investments from a given country, capital controls imposed by such

country will not prevent, or cause significant expense in, doing so.

Market Risk

The market price of securities owned by the Fund may fluctuate,

sometimes rapidly or unpredictably. Securities may decline in value due

to factors affecting (or perceiving to affect) securities markets generally

or particular industries or companies represented in the securities

markets. The value of a security may decline due to general market

conditions that are not specifically related to a particular company, such

as real or perceived adverse economic conditions, changes in the

general outlook for corporate earnings, levels of public debt and deficits,

changes in inflation, interest or currency rates, financial system

instability, adverse changes to credit markets or adverse investor

sentiment generally. The value of a security may also decline due to

factors that affect a particular industry or industries, such as labor

shortages or increased production costs and competitive conditions

within an industry. During a general downturn in the securities markets,

multiple asset classes may decline in value simultaneously even if the

performance of those asset classes is not otherwise historically

correlated. Investments may also be negatively impacted by market

disruptions and by attempts by other market participants to manipulate

the prices of particular investments. Equity securities generally have

greater price volatility than fixed income securities. Credit ratings

downgrades may also negatively affect securities held by the Fund. Even

when markets perform well, there is no assurance that the investments

held by the Fund will increase in value along with the broader market.

In addition, market risk includes the risk that geopolitical and other

events will disrupt the economy on a national or global level. For

instance, actual or threatened war, terrorism, social unrest, recessions,

supply chain disruptions, market manipulation, government defaults,

government shutdowns, political and regulatory changes, diplomatic

developments or the imposition of sanctions and other similar

measures, including the imposition of tariffs, or other U.S. economic

policies and any related public health emergencies (such as the spread

of infectious diseases, pandemics and epidemics), natural/environmental

disasters or events, climate-change and climate related events can all

negatively impact the securities markets, which could cause the Fund to

lose value. These events could reduce consumer demand or economic

output, result in market closures, changes in interest rates,

inflation/deflation, travel restrictions or quarantines, and significantly

adversely impact the economy.

As computing technology and data analytics continually advance there

has been an increasing trend towards machine driven and artificially

intelligent trading systems, particularly providing such systems with

increasing levels of autonomy in trading decisions. Regulators of

financial markets have become increasingly focused on the potential

impact of artificial intelligence on investment activities and may issue

regulations that are intended to affect the use of artificial technology in

trading activities. Any such regulations may not have the intended affect

on financial markets. Moreover, advancements in artificial intelligence

and other technologies may suffer from the introduction of errors,

defects or security vulnerabilities which can go undetected. The

potential speed of such trading and technologies may exacerbate the

impact of any such flaws, particularly where such flaws are exploited by

other artificially intelligent systems and may act to impair or prevent the

intervention of a human control.

The current contentious domestic political environment, as well as

political and diplomatic events within the United States and abroad,

such the U.S. budget and deficit reduction plan and foreign policy

tensions with foreign nations, including embargoes, tariffs, sanctions,

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trade wars, and other similar developments, has in the past resulted,

and may in the future result, in a government shutdown or otherwise

adversely affect the U.S. regulatory landscape, the general market

environment and/or investor sentiment, which could have an adverse

impact on the Fund's investments and operations. Additional and/or

prolonged U.S. federal government shutdowns, U.S. foreign policy, the

imposition of tariffs, or other U.S. economic policies and any related

domestic and/or geopolitical tensions may affect investor and consumer

confidence and may adversely impact financial markets and the broader

economy, perhaps suddenly and to a significant degree. Governmental

and quasi-governmental authorities and regulators throughout the

world have previously responded to serious economic disruptions with a

variety of significant fiscal and monetary policy changes, including but

not limited to, direct capital infusions into companies, new monetary

programs and dramatically lower interest rates. An unexpected or

sudden reversal of these policies, or the ineffectiveness of these policies,

could increase volatility in securities markets, which could adversely

affect the Fund's investments. Any market disruptions could also prevent

the Fund from executing advantageous investment decisions in a timely

manner. Funds that have focused their investments in a region enduring

geopolitical market disruption will face higher risks of loss. Thus,

investors should closely monitor current market conditions to determine

whether the Fund meets their individual financial needs and tolerance

for risk.

During inflationary price movements, fixed income securities markets

may experience heightened levels of interest rate, volatility and liquidity

risk. Interest rate increases in the future could cause the value of a fund

that invests in fixed income securities to decrease.

Interest rate increases and other market events have the potential to

adversely impact real estate values and real estate-related assets, which

could, by extension, adversely impact the value of other investments

(such as loans, securitized debt and other fixed income securities). Such

an impact could materialize in one real estate sector and not another, or

in a different manner in different real estate sectors. Examples of the

current risks faced by real estate-related assets include: tenant vacancy

rates, increased tenant turnover and tenant concentration; general real

estate headwinds, including delinquencies and difficulties in collecting

rents and other payments (which increases the risk of owners being

unable to pay or otherwise defaulting on their own borrowings and

obligations); decreases in property values; increases in inflation, upkeep

costs and other expenses; fluctuations in rents; and increased

concentration in ownership of certain types of properties.

Exchanges and securities markets may close early, close late or issue

trading halts on specific securities, which may result in, among other

things, the Fund being unable to buy or sell certain securities or financial

instruments at an advantageous time or accurately price its portfolio

investments.

Asset Allocation Risk

The Fund's investment performance depends upon how its assets are

allocated and reallocated. A principal risk of investing in the Fund is that

PIMCO may make less than optimal or poor asset allocation decisions.

PIMCO employs an active approach to allocation among multiple fixed

income sectors, but there is no guarantee that such allocation

techniques will produce the desired results. It is possible that PIMCO

will focus on an investment that performs poorly or underperforms other

investments under various market conditions. The Fund could experience

losses as a result of these allocation decisions, which could result in the

Fund being underweight or overweight in sectors, asset classes, or

geographies that perform differently than expected.

Issuer Risk

The value of a security may decline for a number of reasons that directly

relate to the issuer, such as management performance, major litigation,

investigations or other controversies, changes in the issuer's financial

condition or credit rating, changes in government regulations affecting

the issuer or its competitive environment and strategic initiatives such

as mergers, acquisitions or dispositions and the market response to any

such initiatives, financial leverage, reputation or reduced demand for the

issuer's goods or services, as well as the historical and prospective

earnings of the issuer and the value of its assets. A change in the

financial condition of a single issuer may affect one or more other

issuers or securities markets as a whole. These risks can apply to the

Common Shares issued by the Fund and to the issuers of securities and

other instruments in which the Fund invests.

Repurchase Offers Risk

As described under "Periodic Repurchase Offers" above, the Fund is an

"interval fund" and, in order to provide liquidity to shareholders, the

Fund, subject to applicable law,conducts quarterly repurchase offers of

the Fund's outstanding Common Shares at NAV, subject to approval of

the Board. In all cases, repurchase offers will be for at least 5% and not

more than 25% of its outstanding Common Shares at NAV, pursuant to

Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct

quarterly repurchase offers for 5% of its outstanding Common Shares

under ordinary circumstances. The Fund believes that these repurchase

offers are generally beneficial to the Fund's shareholders and

repurchases generally will be funded from available cash or sales of

portfolio securities. However, repurchase offers and the need to fund

repurchase obligations may affect the ability of the Fund to be fully

invested or force the Fund to maintain a higher percentage of its assets

in liquid investments, which may harm the Fund's investment

performance. Moreover, diminution in the size of the Fund through

repurchases may result in untimely sales of portfolio securities (with

associated imputed transaction costs, which may be significant), and

may limit the ability of the Fund to participate in new investment

opportunities or to achieve its investment objective. The Fund may

accumulate cash by holding back (i.e., not reinvesting) payments

received in connection with the Fund's investments. The Fund believes

that payments received in connection with the Fund's investments will

generate sufficient cash to meet the maximum potential amount of the

Fund's repurchase obligations. If at any time cash and other liquid

assets held by the Fund are not sufficient to meet the Fund's repurchase

obligations, the Fund intends, if necessary, to sell investments. To the

extent the Fund employs investment leverage, repurchases of Common

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Shares would compound the adverse effects of leverage in a declining

market. In addition, if the Fund borrows to finance repurchases, interest

on that borrowing will negatively affect Common Shareholders who do

not tender their Common Shares by increasing the Fund's expenses and

reducing any net investment income. If a repurchase offer is

oversubscribed, the Fund may, but is not required to, determine to

increase the amount repurchased by up to 2% of the Fund's

outstanding shares as of the date of the Repurchase Request Deadline.

In the event that the Fund determines not to repurchase more than the

repurchase offer amount, or if shareholders tender more than the

repurchase offer amount plus 2% of the Fund's outstanding shares as of

the date of the Repurchase Request Deadline, 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. As a result, shareholders may be unable to liquidate all or a

given percentage of their investment in the Fund during a particular

repurchase offer. Notwithstanding the foregoing, the Fund may accept

all Common Shares tendered for repurchase by shareholders who own

less than one hundred Common Shares and who tender all of their

Common Shares, before prorating Common Shares tendered by other

shareholders; provided that, if a shareholder holds shares through a

financial intermediary, such intermediary may not be willing or able to

arrange for this treatment on such shareholder's behalf. Some

shareholders, in anticipation of proration, may tender more Common

Shares than they wish to have repurchased in a particular quarter,

thereby increasing the likelihood that proration will occur. A shareholder

may be subject to market and other risks, and the NAV of Common

Shares tendered in a repurchase offer may decline between the

Repurchase Request Deadline and the date on which the NAV for

tendered Common Shares is determined. In addition, the repurchase of

Common Shares by the Fund may be a taxable event to shareholders.

Large Shareholder Risk

To the extent a large proportion of the Common Shares are held by a

small number of shareholders (or a single shareholder), including

affiliates of the Investment Manager, the Fund may be adversely

impacted if such shareholders purchase or request repurchases of large

amounts of Common Shares. For example, it is possible that in response

to a repurchase offer, the total amount of Common Shares tendered by

a small number of shareholders (or a single shareholder) may exceed

the number of Common Shares that the Fund has offered to repurchase.

If a repurchase offer is oversubscribed, the Fund will repurchase only a

pro rata portion of the Common Shares tendered by each shareholder.

In addition, substantial repurchases of Common Shares could result in a

decrease in the Fund's net assets, resulting in an increase in the Fund's

total annual operating expense ratio. See "Repurchase Offers Risk"

above for additional information about certain risks related to

Repurchase Offers.

Management Risk

The Fund is subject to management risk because it is an actively

managed investment portfolio. PIMCO and each individual portfolio

manager will apply investment techniques and risk analysis in making

investment decisions for the Fund. PIMCO and each portfolio manager

may determine that certain factors are more significant than others, but

there can be no guarantee that these decisions will produce the desired

results or that the due diligence conducted by PIMCO or such other

fund's investment adviser and individual portfolio managers will

evaluate every factor prior to investing in a company or issuer and

expose all material risks associated with an investment. Additionally,

PIMCO or such other fund's investment adviser and individual portfolio

managers may not be able to identify suitable investment opportunities

and may face competition from other investment managers when

identifying and consummating certain investments. Certain securities or

other instruments in which the Fund seeks to invest may not be

available in the quantities desired. In addition, regulatory restrictions,

actual or perceived conflicts of interest or other considerations may

cause PIMCO to restrict or prohibit participation in certain investments.

In such circumstances, PIMCO or the individual portfolio managers may

determine to purchase other securities or instruments as substitutes.

Such substitute securities or instruments may not perform as intended,

which could result in losses to the Fund. To the extent the Fund employs

strategies targeting perceived pricing inefficiencies, arbitrage strategies

or similar strategies, it is subject to the risk that the pricing or valuation

of the securities and instruments involved in such strategies may change

unexpectedly, which may result in reduced returns or losses to the

Fund. The Fund is also subject to the risk that deficiencies in the internal

systems or controls of PIMCO or another service provider will cause

losses for the Fund or hinder Fund operations. For example, trading

delays or errors (both human and systemic) could prevent the Fund from

purchasing a security expected to appreciate in value.

Additionally, actual or potential conflicts of interest, legislative,

regulatory or tax restrictions, policies or developments may affect the

investment techniques available to PIMCO and each individual portfolio

manager in connection with managing the Fund and may also adversely

affect the ability of the Fund to achieve its investment objective. There

also can be no assurance that all of the personnel of PIMCO will

continue to be associated with PIMCO for any length of time. The loss of

the services of one or more key employees of PIMCO could have an

adverse impact on the Fund's ability to realize its investment objective.

In addition, the Fund may rely on various third-party sources to calculate

its NAV. As a result, the Fund is subject to certain operational risks

associated with reliance on service providers and service providers' data

sources. In particular, errors or systems failures and other technological

issues may adversely impact the Fund's calculations of its NAV, and such

NAV calculation issues may result in inaccurately calculated NAVs,

delays in NAV calculation and/or the inability to calculate NAVs over

extended periods. The Fund may be unable to recover any losses

associated with such failures.

Interest Rate Risk

Interest rate risk is the risk that fixed income securities and other

instruments in the Fund's portfolio will fluctuate in value because of

changes, or the anticipation of changes, in interest rates. Factors

including central bank monetary policy, rising inflation rates, and

changes in general economic conditions may cause interest rates to rise,

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which could cause the value of the Fund's investments to decline. For

example, as nominal interest rates rise, the value of certain securities

held by the Fund is likely to decrease. Interest rate changes can be

sudden and unpredictable, and the Fund may experience losses as a

result of movements in interest rates. The Fund may not be able to

hedge against changes in interest rates or may choose not to do so for

cost or other reasons.

Further, fixed income securities with longer durations tend to be more

sensitive to changes in interest rates, usually making them more volatile.

Duration is a measure used to determine the sensitivity of a security's

price to changes in interest rates that incorporates a security's yield,

coupon, final maturity and call features, among other characteristics.

Duration is useful primarily as a measure of the sensitivity of a fixed

income security's market price to interest rate (i.e., yield) movements. All

other things remaining equal, for each one percentage point increase in

interest rates, the value of a portfolio of fixed income investments would

generally be expected to decline by one percent for every year of the

portfolio's average duration above zero. For example, the value of a

portfolio of fixed income securities with an average duration of eight

years would generally be expected to decline by approximately 8% if

interest rates rose by one percentage point.

Dividend-paying equity securities, particularly those whose market price

is closely related to their yield, may be more sensitive to changes in

interest rates. During periods of rising interest rates, the values of such

securities may decline and may result in losses to the Fund. Variable and

floating rate securities generally are less sensitive to interest rate

changes but may decline in value if their interest rates do not rise as

much, or as quickly, as interest rates in general. Conversely, floating rate

securities will not generally increase in value if interest rates decline.

Inverse floating rate securities may decrease in value if interest rates

increase. Inverse floating rate securities may also exhibit greater price

volatility than a fixed rate obligation with similar credit quality. When

the Fund holds variable or floating rate securities, a decrease (or, in the

case of inverse floating rate securities, an increase) in market interest

rates will adversely affect the income received from such securities and

the NAV of the Fund's shares.

A wide variety of factors can cause interest rates or yields of

U.S. Treasury securities (or yields of other types of bonds) to rise,

including but not limited to central bank monetary policies, changing

inflation or real growth rates, general economic conditions, increasing

bond issuances or reduced market demand for low yielding investments.

In addition, changes in monetary policy may exacerbate the risks

associated with changing interest rates. Further, in market environments

where interest rates are rising, issuers may be less willing or able to

make principal and interest payments on fixed-income investments

when due. Actions by governments and central banking authorities can

result in increases or decreases in interest rates. Periods of higher

inflation could cause such authorities to raise interest rates, which may

adversely affect the Fund and its investments.

During periods of very low or negative interest rates, the Fund may be

unable to maintain positive returns. Very low or negative interest rates

may magnify interest rate risk. Changing interest rates, including rates

that fall below zero, may have unpredictable effects on markets, may

result in heightened market volatility and may detract from Fund

performance to the extent the Fund is exposed to such interest rates.

Measures such as average duration may not accurately reflect the true

interest rate sensitivity of the Fund. This is especially the case if the Fund

consists of securities with widely varying durations. Therefore, if the

Fund has an average duration that suggests a certain level of interest

rate risk, the Fund may in fact be subject to greater interest rate risk

than the average would suggest. This risk is greater to the extent the

Fund uses leverage or derivatives in connection with the management

of the Fund.

Convexity is an additional measure used to understand a security's or

Fund's interest rate sensitivity. Convexity measures the rate of change of

duration in response to changes in interest rates. With respect to a

security's price, a larger convexity (positive or negative) may imply more

dramatic price changes in response to changing interest rates. Convexity

may be positive or negative. Negative convexity implies that interest

rate increases result in increased duration and vice versa, meaning

increased sensitivity in prices in response to changes in interest rates.

Thus, securities with negative convexity, which may include bonds with

traditional call features and certain mortgage-backed securities, may

experience greater losses in periods of rising interest rates. Accordingly,

if the Fund holds such securities, the Fund may be subject to a greater

risk of losses in periods of rising interest rates.

Credit Risk

The Fund could experience losses if the issuer or guarantor of a fixed

income security (including a security purchased with securities lending

collateral), or the counterparty to a derivatives contract, or the issuer or

guarantor of collateral, repurchase agreement or a loan of portfolio

securities is unable or unwilling, or is perceived (whether by market

participants, rating agencies, pricing services or otherwise) as unable or

unwilling, to make timely principal and/or interest payments or to

otherwise honor its obligations. The risk that such issuer, guarantor or

counterparty is less willing or able to do so is heightened in market

environments where interest rates are changing, notably when rates are

rising. The downgrade of the credit rating of a security or of the issuer of

a security held by the Fund may decrease its value. Measures such as

average credit quality may not accurately reflect the true credit risk of

the Fund. This is especially the case if the Fund consists of securities

with widely varying credit ratings. Securities are subject to varying

degrees of credit risk, which are often reflected in credit ratings. Credit

risk is greater to the extent the Fund uses leverage or derivatives in

connection with the management of the Fund, which would be

magnified in the event that initial or variation margin is not provided by

the counterparty to such transaction (or not provided below a certain

threshold amount). Rising or high interest rates may deteriorate the

credit quality of an issuer or counterparty, particularly if an issuer or

counterparty faces challenges rolling or refinancing its obligations. The

Fund's investments may be adversely affected if any of the issuers it is

invested in are subject to an actual or perceived (whether by market

participants, rating agencies, pricing services or otherwise) deterioration

to their credit quality.

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Credit risk includes credit spread risk, which is the risk that credit

spreads (i.e., the difference in yield between securities that is due to

differences in their actual or perceived credit quality) may increase when

the market believes that investments generally have a greater risk of

default. Increasing credit spreads may reduce the market values of the

Fund's investments. Credit spreads often increase more for lower rated

and unrated securities than for investment grade securities. In addition,

when credit spreads increase, reductions in market value will generally

be greater for longer-maturity securities. Further, credit spread duration

(a measure of credit spread risk) can vary significantly from interest rate

duration (e.g., for floating rate debt securities, credit spread duration

typically will be higher than interest rate duration). The Fund may add

credit spread duration to its portfolio, for example through the use of

derivatives (e.g., credit default swaps), even while it has lower interest

rate duration. The credit spread duration of the Fund's portfolio may

vary, in some cases significantly, from its interest rate duration.

Corporate Debt Securities Risk

The market value of corporate debt securities generally may be expected

to rise and fall inversely with interest rates. The value of intermediate

and longer-term corporate debt securities normally fluctuates more in

response to changes in interest rates than does the value of

shorter-term corporate debt securities. The market value of a corporate

debt security also may be affected by factors directly relating to the

issuer, such as investors' perceptions of the creditworthiness of the

issuer, the issuer's financial performance, perceptions of the issuer in the

marketplace, performance of management of the issuer, the issuer's

capital structure and use of financial leverage and demand for the

issuer's goods and services. Certain risks associated with investments in

corporate debt securities are described elsewhere in this prospectus in

further detail. There is a risk that the issuers of corporate debt securities

may not be able to meet their obligations on interest or principal

payments at the time called for by an instrument. The Fund may invest

in below investment grade corporate bonds, often referred to as "high

yield" securities or "junk bonds." High yield corporate bonds are often

high risk and have speculative characteristics. High yield corporate

bonds may be particularly susceptible to adverse issuer-specific

developments. High yield corporate bonds are subject to the risks

described under "Principal Risks of the Fund—High Yield Securities

Risk." In addition, certain corporate debt securities may be highly

customized and as a result may be subject to, among others, liquidity

and valuation/pricing transparency risks.

Mortgage-Related and Other Asset-Backed Instruments Risk

The mortgage-related assets in which the Fund may invest include, but

are not limited to, any security, instrument or other asset that is related

to U.S. or non-U.S. mortgages, including those issued by private

originators or issuers, or issued or guaranteed as to principal or interest

by the U.S. government or its agencies or instrumentalities or by

non-U.S. governments or authorities, such as, without limitation, assets

representing interests in, collateralized or backed by, or whose values

are determined in whole or in part by reference to any number of

mortgages or pools of mortgages or the payment experience of such

mortgages or pools of mortgages, including REMICs, which could

include Re-REMICs, mortgage pass-through securities, inverse floaters,

CMOs, CLOs, multi-class pass-through securities, private mortgage

pass-through securities, stripped mortgage securities (generally

interest-only and principal-only securities), mortgage-related asset

backed securities and mortgage-related loans (including through

participations, assignments, originations and whole loans), including

commercial and residential mortgage loans. Exposures to

mortgage-related assets through derivatives or other financial

instruments will be considered investments in mortgage-related assets.

The Fund may also invest in other types of ABS, including CDOs, CBOs

and CLOs and other similarly structured securities.

Mortgage-related and other asset-backed instruments represent

interests in "pools" of mortgages or other assets such as consumer

loans or receivables held in trust and often involve risks that are

different from or possibly more acute than risks associated with other

types of debt instruments.

Generally, rising interest rates tend to extend the duration of fixed rate

mortgage-related assets, making them more sensitive to changes in

interest rates. Compared to other fixed income investments with similar

maturity and credit, mortgage-related securities may increase in value to

a lesser extent when interest rates decline and may decline in value to a

similar or greater extent when interest rates rise. As a result, in a period

of rising interest rates, the Fund may exhibit additional volatility since

individual mortgage holders are less likely to exercise prepayment

options, thereby putting additional downward pressure on the value of

these securities and potentially causing the Fund to experience losses.

This is known as extension risk. Mortgage-backed securities can be

highly sensitive to rising interest rates, such that even small movements

can cause the Fund to lose value. Mortgage-backed securities, and in

particular those not backed by a government guarantee, are subject to

credit risk. When interest rates decline, borrowers may pay off their

mortgages sooner than expected. This can reduce the returns of the

Fund because the Fund may have to reinvest that money at the lower

prevailing interest rates. In addition, the creditworthiness, servicing

practices, and financial viability of the servicers of the underlying

mortgage pools present significant risks. For instance, a servicer may be

required to make advances in respect of delinquent loans underlying the

mortgage-related securities; however, servicers experiencing financial

difficulties may not be able to perform these obligations. Additionally,

both mortgage-related securities and asset-backed securities are subject

to risks associated with fraud or negligence by, or defalcation of, their

servicers. These securities are also subject to the risks of the underlying

loans. In some circumstances, a servicer's or originator's mishandling of

documentation related to the underlying collateral (e.g., failure to

properly document a security interest in the underlying collateral) may

affect the rights of security holders in and to the underlying collateral. In

addition, the underlying loans may have been extended pursuant to

inappropriate underwriting guidelines, to no underwriting guidelines at

all, or to fraudulent origination practices. The owner of a

mortgage-backed security's ability to recover against the sponsor,

servicer or originator is uncertain and is often limited. The Fund's

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investments in other asset-backed instruments are subject to risks

similar to those associated with mortgage-related assets, as well as

additional risks associated with the nature of the assets and the

servicing of those assets. Payment of principal and interest on

asset-backed instruments may be largely dependent upon the cash

flows generated by the assets backing the instruments, and

asset-backed instruments may not have the benefit of any security

interest in the related assets.

Subordinate mortgage-backed or asset-backed instruments are paid

interest only to the extent that there are funds available to make

payments. To the extent the collateral pool includes a large percentage

of delinquent loans, there is a risk that interest payments on

subordinate mortgage-backed or asset-backed instruments will not be

fully paid.

There are multiple tranches of mortgage-backed and asset-backed

instruments, offering investors various maturity and credit risk

characteristics. For example, tranches may be categorized as senior,

mezzanine, and subordinated/equity or "first loss." The most senior

tranche of a mortgage-backed or asset-backed instrument generally has

the greatest collateralization and generally pays the lowest interest rate.

If there are defaults or the collateral otherwise underperforms,

scheduled payments to senior tranches generally take precedence over

those of mezzanine tranches, and scheduled payments to mezzanine

tranches take precedence over those to subordinated/equity tranches.

Lower tranches represent lower degrees of credit quality and pay higher

interest rates intended to compensate for the attendant risks. The return

on the lower tranches is especially sensitive to the rate of defaults in the

collateral pool. The lowest tranche (i.e., the "equity" or "residual"

tranche) generally specifically receives the residual interest payments

(i.e., money that is left over after the higher tranches have been paid

and expenses of the issuing entities have been paid) rather than a fixed

interest rate. The Fund may also invest in the residual or equity tranches

of mortgage-related and other asset-backed instruments, which may be

referred to as subordinate mortgage-backed or asset-backed

instruments and interest-only mortgage-backed or asset-backed

instruments. The Fund expects that investments in subordinate

mortgage-backed and other asset-backed instruments will be subject to

risks arising from delinquencies and foreclosures, thereby exposing its

investment portfolio to potential losses. Subordinate securities of

mortgage-backed and other asset-backed instruments are also subject

to greater credit risk than those mortgage-backed or other asset-backed

instruments that are more highly rated.

The mortgage markets in the United States and in various foreign

countries have experienced extreme difficulties in the past that

adversely affected the performance and market value of certain of the

Fund's mortgage-related investments. Delinquencies and losses on

residential and commercial mortgage loans (especially subprime and

second-lien mortgage loans) may increase, and a decline in or flattening

of housing and other real property values may exacerbate such

delinquencies and losses. In addition, reduced investor demand for

mortgage loans and mortgage-related securities and increased investor

yield requirements have caused limited liquidity in the secondary market

for mortgage-related securities, which can adversely affect the market

value of mortgage-related securities. It is possible that such limited

liquidity in such secondary markets could continue or worsen.

With respect to risk retention tranches (i.e., eligible residual interests

initially held by the sponsors of CMBS and other eligible securitizations

pursuant to the U.S. Risk Retention Rules), a third-party purchaser, such

as the Fund, must hold its retained interest, unhedged, for at least five

years following the closing of the CMBS transaction, after which it is

entitled to transfer its interest in the securitization to another person

that meets the requirements for a third-party purchaser. Even after the

required holding period has expired, due to the generally illiquid nature

of such investments, no assurance can be given as to what, if any, exit

strategies will ultimately be available for any given position.

In addition, there is limited guidance on the application of the final

U.S. Risk Retention Rules to specific securitization structures. There can

be no assurance that the applicable federal agencies charged with the

implementation of the final U.S. Risk Retention Rules (e.g., the FDIC, the

Comptroller of the Currency, the Federal Reserve Board, the SEC, the

Department of Housing and Urban Development, and the Federal

Housing Finance Agency) could not take positions in the future that

differ from the interpretation of such rules taken or embodied in such

securitizations, or that the final U.S. Risk Retention Rules will not

change.

Furthermore, in situations where the Fund invests in risk retention

tranches of securitizations structured by third parties, the Fund may be

required to execute one or more letters or other agreements, the exact

form and nature of which will vary (each, a "Risk Retention

Agreement") under which it will make certain undertakings designed to

ensure such securitization complies with the U.S. Risk Retention Rules.

Such Risk Retention Agreements may include a variety of

representations, warranties, covenants and other indemnities, each of

which may run to various transaction parties. If the Fund breaches any

undertakings in any Risk Retention Agreement, it will be exposed to

claims by the other parties thereto, including for any losses incurred as a

result of such breach, which could be significant and exceed the value of

the Fund's investments. Direct investments in mortgages and other

types of collateral are subject to risks similar (and in some cases to a

greater degree) to those described above.

Privately-Issued Mortgage-Related Securities Risk

There are no direct or indirect government or agency guarantees of

mortgage-related securities are also not subject to the same

underwriting requirements for the underlying mortgages that are

applicable to those mortgage-related securities that have a government

or government-sponsored entity guarantee.

Privately-issued mortgage-related securities are not traded on an

exchange and there may be a limited market for the securities, especially

when there is a perceived weakness in the mortgage and real estate

market sectors. Without an active trading market, mortgage-related

securities held in the Fund's portfolio may be particularly difficult to

value because of the complexities involved in assessing the value of the

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underlying mortgage loans. Additionally, privately-issued

mortgage-related securities, such as privately-held or non-traded REITs,

may bear higher fees than publicly-traded REITs. Privately-held REITs

generally are exempt from registration under the Securities Act and, as

such, are not subject to the same disclosure requirements as REITs

registered under the Securities Act, which may make privately-held REITs

more difficult to evaluate from an investment perspective.

Subprime Risk

Loans, and debt instruments collateralized by loans (including Alt

Lending ABS), acquired by the Fund may be subprime in quality, or may

become subprime in quality. Although there is no specific legal or

market definition of "subprime," subprime loans are generally

understood to refer to loans made to borrowers that display poor credit

histories and other characteristics that correlate with a higher default

risk. Accordingly, subprime loans, and debt instruments secured by such

loans (including Alt Lending ABS), have speculative characteristics and

are subject to heightened risks, including the risk of nonpayment of

interest or repayment of principal, and the risks associated with

investments in high yield securities. In addition, these instruments could

be subject to increased regulatory scrutiny. The Fund is not restricted by

any particular borrower credit risk criteria and/or qualifications when

acquiring loans or debt instruments collateralized by loans.

Municipal Bond Risk

Investing in the municipal bond market involves the risks of investing in

debt securities generally and certain other risks. The amount of public

information available about the municipal bonds in which the Fund may

invest is generally less than that for corporate equities or bonds, and the

investment performance of the Fund's investment in municipal bonds

may therefore be more dependent on the analytical abilities of PIMCO

than its investments in taxable bonds. The secondary market for

municipal bonds, particularly below investment grade bonds in which

the Fund may invest, also tends to be less well developed or liquid than

many other securities markets, which may adversely affect the Fund's

ability to sell municipal bonds at attractive prices or value municipal

bonds.

The ability of municipal issuers to make timely payments of interest and

principal may be diminished during general economic downturns, by

litigation, legislation or political events, or by the bankruptcy of the

issuer. Budgetary constraints of local, state, and federal governments

upon which the issuers may be relying for funding may also impact

Municipal Bonds. Laws, referenda, ordinances or regulations enacted in

the future by Congress or state legislatures or the applicable

governmental entity could extend the time for payment of principal

and/or interest, or impose other constraints on enforcement of such

obligations, or on the ability of municipal issuers to levy taxes. Issuers of

municipal securities also might seek protection under the bankruptcy

laws. In the event of bankruptcy of such an issuer, the Fund could

experience delays in collecting principal and interest and the Fund may

not, in all circumstances, be able to collect all principal and interest to

which it is entitled. To enforce its rights in the event of a default in the

payment of interest or repayment of principal, or both, the Fund may

take possession of and manage the assets securing the issuer's

obligations on such securities, which may increase the Fund's operating

expenses. Adverse economic, business, legal or political developments

might affect all or a substantial portion of the Fund's municipal bonds in

the same manner. The Fund will be particularly subject to these risks to

the extent that it focuses its investments in municipal bonds in a

particular state or geographic region. Municipal securities may also have

exposure to potential risks resulting from climate change, including

extreme weather, flooding and fires. Climate risks, if materialized, can

adversely impact a municipal issuer's financial plans in current or future

years or may impair a funding source of a municipal issuer's revenue

bonds. As a result, the impact of climate risks could adversely impact the

value of the Fund's municipal securities investments.

The Fund may invest in trust certificates issued in tender option bond

programs. In these programs, a trust typically issues two classes of

certificates and uses the proceeds to purchase municipal securities

having relatively long maturities and bearing interest at a fixed interest

rate substantially higher than prevailing short-term tax-exempt rates.

There is a risk that the Fund will not be considered the owner of a

tender option bond for federal income tax purposes, and thus will not

be entitled to treat such interest as exempt from federal income tax.

Certain tender option bonds may be less liquid or may become less

liquid as a result of, among other things, a credit rating downgrade, a

payment default or a disqualification from tax-exempt status. The Fund's

investment in the securities issued by a tender option bond trust may

involve greater risk and volatility than an investment in a fixed rate

bond, and the value of such securities may decrease significantly when

market interest rates increase. Tender option bond trusts could be

terminated due to market, credit or other events beyond the Fund's

control, which could require the Fund to dispose of portfolio investments

at inopportune times and prices. The Fund may use a tender option

bond program as a way of achieving leverage in its portfolio, in which

case the Fund will be subject to leverage risk. The use of tender option

bonds will impact the Fund's duration and cause the Fund to be subject

to increased duration and interest rate risk.

The Fund may invest in revenue bonds, which are typically issued to

fund a wide variety of capital projects including electric, gas, water and

sewer systems; highways, bridges and tunnels; port and airport facilities;

colleges and universities; and hospitals. Because the principal security

for a revenue bond is generally the net revenues derived from a

particular facility or group of facilities or, in some cases, from the

proceeds of a special excise or other specific revenue source or annual

revenues, there is no guarantee that the particular project will generate

enough revenue to pay its obligations, in which case the Fund's

performance may be adversely affected.

The Fund may invest in participations in lease obligations or installment

purchase contract obligations of municipal authorities or entities.

Although a municipal lease obligation does not constitute a general

obligation of the municipality for which the municipality's taxing power

is pledged, a municipal lease obligation is ordinarily backed by the

municipality's covenant to budget for, appropriate and make the

payments due under the municipal lease obligation. However, certain

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municipal lease obligations contain "non-appropriation" clauses, which

provide that the municipality has no obligation to make lease or

installment purchase payments in future years unless money is

appropriated for such purpose on a yearly basis. In the case of a

"non-appropriation" lease, the Fund's ability to recover under the lease

in the event of non-appropriation or default will be limited solely to the

repossession of the leased property, without recourse to the general

credit of the lessee, and the disposition or re-leasing of the property

might prove difficult.

Municipal securities are also subject to interest rate, credit, and liquidity

risk.

Interest Rate Risk.

The value of municipal securities, similar to other

fixed income securities, will likely drop as interest rates rise in the

general market. Conversely, when rates decline, bond prices generally

rise.

Credit Risk.

The risk that a borrower may be unable to make interest

or principal payments when they are due. Funds that invest in municipal

securities rely on the ability of the issuer to service its debt. This subjects

the Fund to credit risk in that the municipal issuer may be fiscally

unstable or exposed to large liabilities that could impair its ability to

honor its financial obligations. Municipal issuers with significant debt

service requirements, in the near-to mid-term; unrated issuers and those

with less capital and liquidity to absorb additional expenses may be

most at risk. To the extent the Fund invests in lower quality or high yield

municipal securities, it may be more sensitive to the adverse credit

events in the municipal market. The treatment of municipalities in

bankruptcy is more uncertain, and potentially more adverse to debt

holders, than for corporate issues.

Liquidity Risk.

The risk that investors may have difficulty finding a

buyer when they seek to sell, and therefore, may be forced to sell at a

discount to the market value. Liquidity may sometimes be impaired in

the municipal market and because the Fund primarily invests in

municipal securities, it may find it difficult to purchase or sell such

securities at opportune times. The municipal securities market can be

susceptible to increases in volatility and decreases in liquidity. Liquidity

can decline unpredictably in response to a variety of factors, including

overall economic conditions or credit tightening. Increases in volatility

and decreases in liquidity also may be caused by a rise in interest rates

(or the expectation of a rise in interest rates). Liquidity can be impaired

due to interest rate concerns, credit events, or general supply and

demand imbalances. Depending on the particular issuer and current

economic conditions, municipal securities could be deemed more

volatile investments.

In addition to general municipal market risks, different municipal sectors

may face different risks. For instance, general obligation bonds are

secured by the full faith, credit, and taxing power of the municipality

issuing the obligation. As such, timely payment depends on the

municipality's ability to raise tax revenue and maintain a fiscally sound

budget. The timely payments may also be influenced by any unfunded

pension liabilities or other post-employee benefit plan liabilities.

Revenue bonds are secured by special tax revenues or other revenue

sources. If the specified revenues do not materialize, then the bonds

may not be repaid.

Private activity bonds are yet another type of municipal security.

Municipalities use private activity bonds to finance the development of

industrial facilities for use by private enterprise. Principal and interest

payments are to be made by the private enterprise benefiting from the

development, which means that the holder of the bond is exposed to

the risk that the private issuer may default on the bond.

Moral obligation bonds are usually issued by special purpose public

entities. If the public entity defaults, repayment becomes a "moral

obligation" instead of a legal one. The lack of a legally enforceable right

to payment in the event of default poses a special risk for a holder of

the bond because it has little or no ability to seek recourse in the event

of default.

In addition, a significant restructuring of federal income tax rates or

even serious discussion on the topic in Congress could cause municipal

bond prices to fall. The demand for municipal securities is strongly

influenced by the value of tax-exempt income to investors relative to

taxable income. Lower income tax rates potentially reduce the

advantage of owning municipal securities.

Similarly, changes to state or federal regulation tied to a specific sector,

such as the hospital sector, could have an impact on the revenue stream

for a given subset of the market.

Municipal notes are similar to general municipal debt obligations, but

they generally possess shorter terms. Municipal notes can be used to

provide interim financing and may not be repaid if anticipated revenues

are not realized.

High Yield Securities Risk

To the extent that the Fund invests in high yield securities and unrated

securities of similar credit quality (commonly known as "high yield

securities" or "junk bonds"), the Fund may be subject to greater levels

of market risk, credit risk, call risk and liquidity risk than funds that do

not invest in such securities, which could have a negative effect on the

NAV and market price of the Fund's Common Shares or Common Share

dividends. These securities are considered predominantly speculative by

ratings agencies with respect to an issuer's continuing ability to make

principal and interest payments, and their value may be more volatile

than other types of securities. An economic downturn or individual

issuer developments could adversely affect the market for these

securities and reduce the Fund's ability to sell these securities at an

advantageous time or price. An economic downturn could also lead to a

higher non-payment rate and, a high yield security may lose significant

market value before a default occurs. The Fund may purchase distressed

securities that are in default or the issuers of which are in bankruptcy,

which involve heightened risks.

High yield securities structured as zero-coupon bonds or pay-in-kind

securities tend to be especially volatile as they are particularly sensitive

to downward pricing pressures from rising interest rates or widening

spreads and may require the Fund to make taxable distributions of

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imputed income without receiving the actual cash currency. Issuers of

high yield securities may have the right to "call" or redeem the issue

prior to maturity, which may result in the Fund having to reinvest the

proceeds in other high yield securities or similar instruments that may

pay lower interest rates. The Fund may also be subject to greater levels

of liquidity risk than funds that do not invest in high yield securities.

Consequently, transactions in high yield securities may involve greater

costs than transactions in more actively traded securities. A lack of

publicly-available information, irregular trading activity and wide

bid/ask spreads among other factors, may, in certain circumstances,

make high yield debt more difficult to sell at an advantageous time or

price than other types of securities or instruments. These factors may

result in the Fund being unable to realize full value for these securities

and/or may result in the Fund not receiving the proceeds from a sale of

a high yield security for an extended period after such sale, each of

which could result in losses to the Fund. Because of the risks involved in

investing in high yield securities, an investment in the Fund should be

considered speculative.

In general, lower rated debt securities carry a greater degree of risk that

the issuer will lose its ability to make interest and principal payments,

which could have a negative effect on the Fund. Securities of below

investment grade quality are regarded as having predominantly

speculative characteristics with respect to capacity to pay interest and

repay principal and are commonly referred to as "high yield" securities

or "junk bonds." High yield securities involve a greater risk of default

and their prices are generally more volatile and sensitive to actual or

perceived negative developments. Debt securities in the lowest

investment grade category also may be considered to possess some

speculative characteristics by certain rating agencies. The Fund may

purchase stressed or distressed securities that are in default or the

issuers of which are in bankruptcy, which involve heightened risks. An

economic downturn could severely affect the ability of issuers

(particularly those that are highly leveraged) to service or repay their

debt obligations. Lower-rated securities are generally less liquid than

higher-rated securities, which may have an adverse effect on the Fund's

ability to dispose of them. For example, under adverse market or

economic conditions, the secondary market for below investment grade

securities could contract further, independent of any specific adverse

changes in the condition of a particular issuer, and certain securities in

the Fund's portfolio may become illiquid or less liquid. As a result, the

Fund could find it more difficult to sell these securities or may be able to

sell these securities only at prices lower than if such securities were

widely traded. To the extent the Fund focuses on below investment

grade debt obligations, PIMCO's capabilities in analyzing credit quality

and associated risks will be particularly important, and there can be no

assurance that PIMCO will be successful in this regard. Due to the risks

involved in investing in high yield securities, an investment in the Fund

should be considered speculative. The Fund's credit quality policies

apply only at the time a security is purchased, and the Fund is not

required to dispose of a security in the event that a rating agency or

PIMCO downgrades its assessment of the credit characteristics of a

particular issue. In determining whether to retain or sell such a security,

PIMCO may consider factors including, but not limited to, PIMCO's

assessment of the credit quality of the issuer of such security, the price

at which such security could be sold and the rating, if any, assigned to

such security by other rating agencies. Analysis of creditworthiness may

be more complex for issuers of high yield securities than for issuers of

higher quality debt securities.

Distressed and Defaulted Securities Risk

Investments in the securities of financially distressed issuers involve

substantial risks, including the risk of default. Distressed securities

generally trade significantly below "par" or full value because

investments in such securities and debt of distressed issuers or issuers in

default are considered speculative and involve substantial risks in

addition to the risks of investing in high-yield bonds. Such investments

may be in default at the time of investment. In addition, these securities

may fluctuate more in price, and are typically less liquid. The Fund also

will be subject to significant uncertainty as to when, and in what

manner, and for what value obligations evidenced by securities of

financially distressed issuers will eventually be satisfied. Defaulted

obligations might be repaid only after lengthy workout or bankruptcy

proceedings, during which the issuer might not make any interest or

other payments. In any such proceeding relating to a defaulted

obligation, the Fund may lose its entire investment or may be required

to accept cash or securities with a value substantially less than its

original investment. Moreover, any securities received by the Fund upon

completion of a workout or bankruptcy proceeding may be less liquid,

speculative or restricted as to resale. Similarly, if the Fund participates in

negotiations with respect to any exchange offer or plan of

reorganization with respect to the securities of a distressed issuer, the

Fund may be restricted from disposing of such securities. To the extent

that the Fund becomes involved in such proceedings, the Fund may

have a more active participation in the affairs of the issuer than that

assumed generally by an investor. The Fund may incur additional

expenses to the extent it is required to seek recovery upon a default in

the payment of principal or interest on its portfolio holdings.

Also among the risks inherent in investments in a troubled issuer is that

it frequently may be difficult to obtain information as to the true

financial condition of such issuer. PIMCO's judgments about the credit

quality of a financially distressed issuer and the relative value of its

securities may prove to be wrong.

Senior Debt Risk

The Fund may be subject to greater levels of credit risk than funds that

do not invest in below investment grade senior debt. The Fund may also

be subject to greater levels of liquidity risk than funds that do not invest

in senior debt. Restrictions on transfers in loan agreements, a lack of

publicly available information and other factors may, in certain

instances, make senior debt more difficult to sell at an advantageous

time or price than other types of securities or instruments. Additionally,

if the issuer of senior debt prepays, the Fund will have to consider

reinvesting the proceeds in other senior debt or similar instruments that

may pay lower interest rates.

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Loans and Other Indebtedness; Loan Acquisitions,

Participations and Assignments Risk

Loan interests may take the form of (i) direct interests acquired during a

primary distribution or other purchase of a loan, (ii) loans originated by

the Fund or (iii) assignments of, novations of or participations in all or a

portion of a loan acquired in secondary markets. In addition to credit

risk and interest rate risk, the Fund's exposure to loan interests may be

subject to additional risks. For example, purchasers of loans and other

forms of direct indebtedness depend primarily upon the

creditworthiness of the borrower for payment of principal and interest.

Loans are subject to the risk that scheduled interest or principal

payments will not be made in a timely manner or at all, either of which

may adversely affect the value of the loan. If the Fund does not receive

scheduled interest or principal payments on such indebtedness, the

Fund's share price and yield could be adversely affected. Loans that are

fully secured may offer the Fund more protection than an unsecured

loan in the event of non-payment of scheduled interest or principal if

the Fund is able to access and monetize the collateral. However, the

collateral underlying a loan, if any, may be unavailable or insufficient to

satisfy a borrower's obligation. If the Fund becomes owner, whole or in

part, of any collateral after a loan is foreclosed, the Fund may incur costs

associated with owning and/or monetizing its ownership of the

collateral.

During periods of deteriorating economic conditions, such as recessions

or periods of rising unemployment, or changing interest rates (notably

increases), delinquencies and losses generally increase, sometimes

dramatically, with respect to obligations under such loans. An economic

downturn or individual corporate developments could adversely affect

the market for these instruments and reduce the Fund's ability to sell

these instruments at an advantageous time or price. An economic

downturn could also lead to a higher non-payment rate and, a loan may

lose significant market value before a default occurs.

Investments in loans through a purchase of a loan, loan origination or a

direct assignment of a financial institution's interests with respect to a

loan may involve additional risks to the Fund. For example, if a loan is

foreclosed, the Fund could become owner, in whole or in part, of any

collateral, which could include, among other assets, real estate or other

real or personal property, and would bear the costs and liabilities

associated with owning and holding or disposing of the collateral.

Moreover, the purchaser of an assignment typically succeeds to all the

rights and obligations under the loan agreement with the same rights

and obligations as the assigning lender. Assignments may, however, be

arranged through private negotiations between potential assignees and

potential assignors, and the rights and obligations acquired by the

purchaser of an assignment may differ from, and be more limited than,

those held by the assigning lender. The Fund may also invest in loans

that are not secured by collateral which typically present greater risks

than collateralized loans.

The Fund may obtain exposure to loans made to private investment

vehicles, including private funds that are not registered under the 1940

Act. Such loans may be for various purposes, including but not limited

to, subscription line or "sub-line" credit facilities secured by the uncalled

capital commitments of such private investment vehicles' investors.

Although such capital commitments are typically subject to legally

binding agreements, there can be no assurance that the investors will

meet their funding obligations when called. As a result, the Fund may be

subject to the risk of delay or default in repayment of the loan, which

could negatively impact the Fund's performance. Additionally, the Fund

may face liquidity risks if the private investment vehicle is unable to

draw on capital commitments in a timely manner.

In connection with purchasing loan participations, the Fund generally

will have no right to enforce compliance by the borrower with the terms

of the loan agreement relating to the loan, nor any rights of set-off

against the borrower, and the Fund may not directly benefit from any

collateral supporting the loan in which it has purchased the loan

participation. As a result, the Fund will be subject to the credit risk of

both the borrower and the lender that is selling the participation. In the

event of the insolvency of the lender selling a participation, the Fund

may be treated as a general creditor of the lender and may not benefit

from any set-off between the lender and the borrower. Certain loan

participations may be structured in a manner designed to prevent

purchasers of participations from being subject to the credit risk of the

lender, but even under such a structure, in the event of the lender's

insolvency, the lender's servicing of the participation may be delayed

and the assignability of the participation impaired.

The Fund may have difficulty disposing of loans and loan participations.

Because there may not be a liquid market for many such investments,

the Fund anticipates that such investments could be sold only to a

limited number of institutional investors. The lack of a liquid secondary

market may have an adverse impact on the value of such investments

and the Fund's ability to dispose of particular loans and loan

participations when that would be desirable, including in response to a

specific economic event such as a deterioration in the creditworthiness

of the borrower. The lack of a liquid secondary market for loans and loan

participations also may make it more difficult for the Fund to assign a

value to these securities for purposes of valuing the Fund's portfolio.

Investments in loans may include participations in bridge loans, which

are loans taken out by borrowers for a short period (typically less than

one year) pending arrangement of more permanent financing through,

for example, the issuance of bonds, frequently high yield bonds issued

for the purpose of acquisitions.

Investments in loans may include acquisitions of, or participation in,

delayed draw and delayed funding loans and revolving credit facilities.

These commitments may have the effect of requiring the Fund to

increase its investment in a borrower at a time when it might not

otherwise decide to do so (including at a time when the company's

financial condition makes it unlikely that such amounts will be repaid).

Delayed draw and delayed funding loans and revolving credit facilities

may be subject to restrictions on transfer, and only limited opportunities

may exist to resell such instruments. As a result, the Fund may be unable

to sell such investments at an opportune time or may have to resell

them at less than fair market value. Further, the Fund may need to hold

liquid assets in order to provide funding for these types of

commitments, meaning the Fund may not be able to invest in other

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attractive investments, or the Fund may need to liquidate existing assets

in order to provide such funding.

The Fund may invest in loans used to finance the cost of construction,

acquisition, development, and/ or rehabilitation of a property including,

but not limited to, development of single-family for-sale homes,

multi-family rentals and/or commercial facilities. Such construction

lending may expose the Fund to increased risk of non-payment and loss

because the loan is not backed by a finished project. Such risk may

depend on the nature of the construction and the relevant counterparty

or counterparties, which may include, but not be limited to,

homebuilders, private developers and/or entities with limited capital.

Repayment of these types of loans may depend on the borrower's ability

to secure permanent "take-out" financing, which requires the successful

completion of the project, or operation of the property with an income

stream sufficient to meet operating and loan expenses. In addition,

these types of loans are subject to the risk of errors in estimations of the

property's value at completion of construction and the estimated cost of

construction, as well as the risk that the projects may not be completed

and have limited liquidity.

To the extent the Fund invests in loans, or originates loans, including,

but not limited to, bank loans, non-syndicated loans, the residual or

equity tranches of mortgage-related and other asset-backed securities,

which may be referred to as subordinate mortgage-backed or

asset-backed securities and interest-only mortgage-backed or

asset-backed securities, and other investments, the Fund may be subject

to greater levels of credit risk, call risk, settlement risk, risk of

subordination to other creditors, insufficient or lack of protection under

federal securities laws and liquidity risk. These instruments are

considered predominantly speculative with respect to an issuer's

continuing ability to make principal and interest payments and may be

more volatile than other types of securities. The Fund may also be

subject to greater levels of liquidity risk than funds that do not invest in

loans. In addition, the loans in which the Fund invests may not be listed

on any exchange and a secondary market for such loans may be

comparatively illiquid relative to markets for other more liquid fixed

income securities. Consequently, transactions in loans may involve

greater costs than transactions in more actively traded securities. In

connection with certain loan transactions, transaction costs that are

borne by the Fund may include the expenses of third parties that are

retained to assist with reviewing and conducting diligence, negotiating,

structuring and servicing a loan transaction, and/or providing other

services in connection therewith. Furthermore, the Fund may incur such

costs in connection with loan transactions that are pursued by the Fund

but not ultimately consummated (so-called "broken deal costs").

Restrictions on transfers in loan agreements, a lack of publicly-available

information, irregular trading activity and wide bid/ask spreads, among

other factors, may, in certain circumstances, make loans more difficult to

sell at an advantageous time or price than other types of securities or

instruments. These factors may result in the Fund being unable to realize

full value for the loans and/or may result in the Fund not receiving the

proceeds from a sale of a loan for an extended period after such sale,

each of which could result in losses to the Fund. Some loans may have

extended trade settlement periods, including settlement periods of

greater than seven days, which may result in cash not being

immediately available to the Fund. If an issuer of a loan prepays or

redeems the loan prior to maturity, the Fund may have to reinvest the

proceeds in other loans or similar instruments that may pay lower

interest rates. Because of such risks involved in investing in loans, an

investment in the Fund should be considered speculative.

The Fund's investments in subordinated and unsecured loans generally

are subject to similar risks as those associated with investments in

secured loans. Subordinated or unsecured loans are lower in priority of

payment to secured loans and are subject to the additional risk that the

cash flow of the borrower and property securing the loan or debt, if any,

may be insufficient to meet scheduled payments after giving effect to

the senior secured obligations of the borrower. This risk is generally

higher for subordinated unsecured loans or debt, which are not backed

by a security interest in any specific collateral. Subordinated and

unsecured loans generally have greater price volatility than secured

loans and may be less liquid. There is also a possibility that originators

will not be able to sell participations in subordinated or unsecured

loans, which would create greater credit risk exposure for the holders of

such loans. Subordinate and unsecured loans share the same risks as

other below investment grade securities.

There may be less readily available information about most loans and

the underlying borrowers than is the case for many other types of

securities. Loans may be issued by borrowers that are not subject to SEC

reporting requirements and therefore may not be required to file reports

with the SEC or may file reports that are not required to comply with

SEC form requirements. In addition, such borrowers may be subject to a

less stringent liability disclosure regime than companies subject to SEC

reporting requirements. Loans may not be considered "securities," and

purchasers, such as the Fund, therefore may not be entitled to rely on

the anti-fraud protections of the federal securities laws. Because there is

limited public information available regarding loan investments, the

Fund is particularly dependent on the analytical abilities of the Fund's

portfolio managers.

Economic exposure to loan interests through the use of derivative

transactions may involve greater risks than if the Fund had invested in

the loan interest directly during a primary distribution, through direct

originations or through assignments of, novations of or participations in

a loan acquired in secondary markets since, in addition to the risks

described above, certain derivative transactions may be subject to

leverage risk and greater illiquidity risk, counterparty risk, valuation risk

and other risks.

Loan Origination Risk

The Fund may originate loans, including, without limitation, residential

and/or commercial real estate or mortgage-related loans, consumer

loans or other types of loans, which may be in the form of, and without

limitation as to a loan's level of seniority within a capital structure,

whole loans, assignments, participations, secured and unsecured notes,

senior and second lien loans, mezzanine loans, bridge loans or similar

investments. The Fund may originate loans to corporations and/or other

legal entities and individuals, including foreign (non-U.S.) and emerging

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market entities and individuals. Loans may carry significant credit risks

(for example, a borrower may not have a credit rating or score or may

have a rating or score that indicates significant credit risk). This may

include loans to public or private firms or individuals, such as in

connection with housing development projects. The loans the Fund

invests in or originates may vary in maturity and/or duration. The Fund is

not limited in the amount, size or type of loans it may invest in and/or

originate, including with respect to a single borrower or with respect to

borrowers that are determined to be below investment grade, other

than pursuant to any applicable law. The Fund's investment in or

origination of loans may also be limited by the requirements the Fund

intends to observe under Subchapter M of the Code in order to qualify

as a RIC. The Fund may subsequently offer such investments for sale to

third parties; provided, that there is no assurance that the Fund will

complete the sale of such an investment. If the Fund is unable to sell,

assign or successfully close transactions for the loans that it originates,

the Fund will be forced to hold its interest in such loans for an

indeterminate period of time. This could result in the Fund's investments

having high exposure to certain borrowers. The Fund will be responsible

for the expenses associated with originating a loan (whether or not

consummated). This may include significant legal and due diligence

expenses, which will be indirectly borne by the Fund and Common

Shareholders.

Bridge loans are generally made with the expectation that the borrower

will be able to obtain permanent financing in the near future. Any delay

in obtaining permanent financing subjects the bridge loan investor to

increased risk. A borrower's use of bridge loans also involves the risk

that the borrower may be unable to locate permanent financing to

replace the bridge loan, which may impair the borrower's perceived

creditworthiness.

Loan origination and servicing companies are routinely involved in legal

proceedings concerning matters that arise in the ordinary course of their

business. In addition, a number of participants in the loan origination

and servicing industry (including control persons of industry

participants) have been the subject of regulatory actions by state

regulators, including state attorneys general, and by the federal

government. Governmental investigations, examinations or regulatory

actions, or private lawsuits, including purported class action lawsuits,

may adversely affect such companies' financial results. To the extent the

Fund engages in origination and/or servicing directly, or has a financial

interest in, or is otherwise affiliated with, an origination or servicing

company, the Fund will be subject to enhanced risks of litigation,

regulatory actions and other proceedings. As a result, the Fund may be

required to pay legal fees, settlement costs, damages, penalties or other

charges, any or all of which could materially adversely affect the Fund

and its holdings.

Foreign Loan Originations Risk

The Fund may originate loans to foreign entities and individuals,

including foreign (non-U.S.) and emerging market entities and

individuals. Such loans may involve risks not ordinarily associated with

exposure to loans to United States entities and individuals. The foreign

lending industry may be subject to less governmental supervision and

regulation than exists in the United States; conversely, foreign

regulatory regimes applicable to the lending industry may be more

complex and more restrictive than those in the United States, resulting

in higher costs associated with such investments, and such regulatory

regimes may be subject to interpretation or change without prior notice

to investors, such as the Fund. Foreign lending may not be subject to

accounting, auditing, and financial reporting standards and practices

comparable to those in the United States Due to differences in legal

systems, there may be difficulty in obtaining or enforcing a court

judgment outside the United States In addition, to the extent that

investments are made in a limited number of countries, events in those

countries will have a more significant impact on the Fund. The Fund's

loans to foreign entities and individuals may be subject to risks of

increased transaction costs, potential delays in settlement or

unfavorable differences between the U.S. economy and foreign

economies.

The Fund's exposure to loans to foreign entities and individuals may be

subject to withholding and other foreign taxes, which may adversely

affect the net return on such investments. In addition, fluctuations in

foreign currency exchange rates and exchange controls may adversely

affect the market value of the Fund's exposure to loans to foreign

entities and individuals. The Fund is unlikely to be able to pass through

to its shareholders foreign income tax credits in respect of any foreign

income taxes it pays.

Privacy and Data Security Risk

The Gramm-Leach-Bliley Act ("GLBA") and other laws limit the

disclosure of certain non-public personal information about a consumer

to non-affiliated third parties and require financial institutions to

disclose certain privacy policies and practices with respect to

information sharing with both affiliates and non-affiliated third parties.

Many states and a number of non-U.S. jurisdictions have enacted

privacy and data security laws requiring safeguards on the privacy and

security of consumers' personally identifiable information. Other laws

deal with obligations to safeguard and dispose of private information in

a manner designed to avoid its dissemination. Privacy rules adopted by

the U.S. Federal Trade Commission and SEC implement the GLBA and

other requirements and govern the disclosure of consumer financial

information by certain financial institutions, ranging from banks to

private investment funds. U.S. platforms following certain models

generally are required to have privacy policies that conform to these

GLBA and other requirements. In addition, such platforms typically have

policies and procedures intended to maintain platform participants'

personal information securely and dispose of it properly.

The Fund generally does not intend to obtain or hold borrowers'

non-public personal information, and the Fund has implemented

procedures reasonably designed to prevent the disclosure of borrowers'

non-public personal information to the Fund. However, service providers

to the Fund or its direct or indirect fully-owned subsidiaries, including

their custodians and the platforms acting as loan servicers for the Fund

or its direct or indirect fully-owned subsidiaries, may obtain, hold or

process such information. The Fund cannot guarantee the security of

non-public personal information in the possession of such a service

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provider and cannot guarantee that service providers have been and will

continue to comply with the GLBA, other data security and privacy laws

and any other related regulatory requirements. Violations of the GLBA

and other laws could subject the Fund to litigation and/or fines,

penalties or other regulatory action, which, individually or in the

aggregate, could have an adverse effect on the Fund. The Fund may also

face regulations related to privacy and data security in the other

jurisdictions in which the Fund invests.

Platform Risk

The Alt Lending ABS in which the Fund may invest are typically not listed

on any securities exchange and not registered under the Securities Act.

In addition, the Fund anticipates that these instruments may only be

sold to a limited number of investors and may have a limited or

non-existent secondary market. Accordingly, the Fund currently expects

that certain of the investments it may make in Alt Lending ABS will face

heightened levels of liquidity risk. Although currently there is generally

no reliable, active secondary market for certain Alt Lending ABS, a

secondary market for these Alt Lending ABS may develop. If the Fund

purchases Alt Lending ABS on an alternative lending platform, the Fund

will have the right to receive principal and interest payments due on

loans underlying the Alt Lending ABS only if the platform servicing the

loans receives the borrower's payments on such loans and passes such

payments through to the Fund. If a borrower is unable or fails to make

payments on a loan for any reason, the Fund may be greatly limited in

its ability to recover any outstanding principal or interest due, as (among

other reasons) the Fund may not have direct recourse against the

borrower or may otherwise be limited in its ability to directly enforce its

rights under the loan, whether through the borrower or the platform

through which such loan was originated, the loan may be unsecured or

under-collateralized and/or it may be impracticable to commence a legal

proceeding against the defaulting borrower.

The Fund may have limited knowledge about the underlying loans and

is dependent upon the platform for information regarding underlying

loans. Although PIMCO may conduct diligence on the platforms, the

Fund generally does not have the ability to independently verify the

information provided by the platforms, other than payment information

regarding loans underlying the Alt Lending ABS owned by the Fund,

which the Fund observes directly as payments are received. With respect

to Alt Lending ABS that the Fund purchases in the secondary market

(i.e., not directly from an alternative lending platform), the Fund may not

perform the same level of diligence on such platform or at all. The Fund

may not review the particular characteristics of the loans collateralizing

an Alt Lending ABS, but rather negotiate in advance with platforms the

general criteria of the underlying loans. As a result, the Fund is

dependent on the platforms' ability to collect, verify and provide

information to the Fund about each loan and borrower.

The Fund relies on the borrower's credit information, which is provided

by the platforms. However, such information may be out of date,

incomplete or inaccurate and may, therefore, not accurately reflect the

borrower's actual creditworthiness. Platforms may not have an

obligation to update borrower information, and, therefore, the Fund

may not be aware of any impairment in a borrower's creditworthiness

subsequent to the making of a particular loan. The platforms' credit

decisions and scoring models may be based on algorithms that could

potentially contain programming or other errors or prove to be

ineffective or otherwise flawed. This could adversely affect loan pricing

data and approval processes and could cause loans to be mispriced or

misclassified, which could ultimately have a negative impact on the

Fund's performance.

In addition, the underlying loans, in some cases, may be affected by the

success of the platforms through which they are facilitated. Therefore,

disruptions in the businesses of such platforms may also negatively

impact the value of the Fund's investments. In addition, disruption in the

business of a platform could limit or eliminate the ability of the Fund to

invest in loans originated by that platform, and therefore the Fund could

lose some or all of the benefit of its diligence effort with respect to that

platform.

Platforms are for-profit businesses that, as a general matter, generate

revenue by collecting fees on funded loans from borrowers and by

assessing a loan servicing fee on investors, which may be a fixed annual

amount or a percentage of the loan or amounts collected. This business

could be disrupted in multiple ways; for example, a platform could file

for bankruptcy or a platform might suffer reputational harm from

negative publicity about the platform or alternative lending more

generally and the loss of investor confidence in the event that a loan

facilitated through the platform is not repaid and the investor loses

money on its investment. Many platforms and/or their affiliates have

incurred operating losses since their inception and may continue to

incur net losses in the future, particularly as their businesses grow and

they incur additional operating expenses.

Platforms may also be forced to defend legal action taken by regulators

or governmental bodies. Alternative lending is a newer industry

operating in an evolving legal environment. Platforms may be subject to

risk of litigation alleging violations of law and/or regulations, including,

for example, consumer protection laws, whether in the U.S. or in foreign

jurisdictions. Platforms may be unsuccessful in defending against such

lawsuits or other actions and, in addition to the costs incurred in

fighting any such actions, platforms may be required to pay money in

connection with the judgments, settlements or fines or may be forced to

modify the terms of its borrower loans, which could cause the platform

to realize a loss or receive a lower return on a loan than originally

anticipated.

Platforms may also be parties to litigation or other legal action in an

attempt to protect or enforce their rights or those of affiliates, including

intellectual property rights, and may incur similar costs in connection

with any such efforts.

The Fund's investments in Alt Lending ABS may expose the Fund to the

credit risk of the issuer. Generally, such instruments are unsecured

obligations of the issuer; an issuer that becomes subject to bankruptcy

proceedings may be unable to make full and timely payments on its

obligations to the Fund, even if the payments on the underlying loan or

loans continue to be made timely and in full. In addition, when the Fund

owns Alt Lending ABS, the Fund and its custodian generally do not have

a contractual relationship with, or personally identifiable information

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regarding, individual borrowers, so the Fund will not be able to enforce

underlying loans directly against borrowers and may not be able to

appoint an alternative servicing agent in the event that a platform or

third-party servicer, as applicable, ceases to service the underlying loans.

Therefore, the Fund is more dependent on the platform for servicing

than if the Fund had owned whole loans through the platform. Where

such interests are secured, the Fund relies on the platform to perfect the

Fund's security interest. In addition, there may be a delay between the

time the Fund commits to purchase an instrument issued by a platform,

its affiliate or a special purpose entity sponsored by the platform or its

affiliate and the issuance of such instrument and, during such delay, the

funds committed to such an investment will not earn interest on the

investment nor will they be available for investment in other alternative

lending-related instruments, which will reduce the effective rate of

return on the investment. The Fund's investments in Alt Lending ABS

may be illiquid.

Liquidity Risk

To the extent consistent with the applicable liquidity requirements for

interval funds under Rule 23c-3 of the 1940 Act, the Fund may invest

without limit in illiquid investments. Liquidity risk exists when particular

investments are difficult to purchase or sell. Illiquid investments are

investments that the Fund reasonably expects cannot be sold or

disposed of in current market conditions in seven calendar days or less

without the sale or disposition significantly changing the market value

of the investment. Illiquid investments may become harder to value,

especially in changing markets. The Fund's investments in illiquid

investments may reduce the returns of the Fund because it may be

unable to sell the illiquid investments at an advantageous time or price

or possibly require the Fund to dispose of other investments at

unfavorable times or prices in order to satisfy its obligations, which

could prevent the Fund from taking advantage of other investment

opportunities. Illiquidity can be caused by, among other things, a drop in

overall market trading volume, an inability to find a willing buyer, or

legal restrictions on the securities' resale. Additionally, the market for

certain investments may become illiquid under adverse market or

economic conditions independent of any specific adverse changes in the

conditions of a particular issuer, such as during political events

(including periods of rapid interest rate changes). There can be no

assurance that an investment that is deemed to be liquid when

purchased will continue to be liquid while it is held by a fund and/or

when a fund wishes to dispose of it. Bond markets have consistently

grown over the past three decades while the capacity for traditional

dealer counterparties to engage in fixed income trading has not kept

pace and in some cases has decreased. As a result, dealer inventories of

corporate bonds, which provide a core indication of the ability of

financial intermediaries to "make markets," are at or near historic lows

in relation to market size. Because market makers seek to provide

stability to a market through their intermediary services, the significant

reduction in dealer inventories could potentially lead to decreased

liquidity and increased volatility in the fixed income markets. Such issues

may be exacerbated during periods of economic uncertainty.

In such cases, the Fund, due to regulatory limitations on investments in

illiquid investments and the difficulty in purchasing and selling such

securities or instruments, may be unable to achieve its desired level of

exposure to a certain sector. To the extent that the Fund's principal

investment strategies involve securities of companies with smaller

market capitalizations, foreign (non-U.S.) securities, Rule 144A

securities, illiquid sectors of fixed income securities, derivatives or

securities with substantial market and/or credit risk, the Fund will tend

to have the greatest exposure to liquidity risk.

Further, fixed income securities with longer durations until maturity face

heightened levels of liquidity risk as compared to fixed income securities

with shorter durations until maturity. The risks associated with illiquid

instruments may be particularly acute in situations in which the Fund's

operations require cash (such as in connection with repurchase offers)

and could result in the Fund borrowing to meet its short-term needs or

incurring losses on the sale of illiquid instruments. It may also be the

case that other market participants may be attempting to liquidate fixed

income holdings at the same time as the Fund, causing increased supply

in the market and contributing to liquidity risk and downward pricing

pressure.

To the extent the Fund invests in Alt Lending ABS, the Alt Lending ABS in

which the Fund invests are typically not listed on any securities

exchange and not registered under the Securities Act. In addition, the

Fund anticipates that these instruments may only be sold to a limited

number of investors and may have a limited or non-existent secondary

market. Accordingly, the Fund currently expects that certain of its

investments in Alt Lending ABS will face heightened levels of liquidity

risk. Although currently there is generally no active reliable, secondary

market for certain Alt Lending ABS, a secondary market for these

alternative lending-related instruments may develop.

Liquidity risk also refers to the risk that the Fund may be required to

hold additional cash or sell other investments in order to obtain cash to

close out derivatives or meet the liquidity demands that derivatives can

create to make payments of margin, collateral, or settlement payments

to counterparties. The Fund may have to sell a security at a

disadvantageous time or price to meet such obligations.

The action(s) of governments and regulators may have the effect of

reducing market liquidity, market resiliency and money supply.

"Covenant-Lite" Obligations Risk

Covenant-lite obligations contain fewer maintenance covenants than

other obligations, or no maintenance covenants, and may not include

terms that allow the lender to monitor the performance of the borrower

and declare a default if certain criteria are breached, which would allow

the lender to restructure the loan or take other action intended to help

mitigate losses. Covenant-lite loans carry a risk that the borrower could

transfer or encumber its assets, which could reduce the amount of

assets that can be used to satisfy debts and result in losses for

debtholders. Covenant-lite loans may carry more risk than traditional

loans as they allow individuals and corporations to engage in activities

that would otherwise be difficult or impossible under a covenant-heavy

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loan agreement. In the event of default, covenant-lite loans may exhibit

diminished recovery values as the lender may not have the opportunity

to negotiate with the borrower prior to default.

Reinvestment Risk

Income from the Fund's portfolio will decline if and when the Fund

invests the proceeds from matured, traded or called debt obligations at

market interest rates that are below the portfolio's current earnings

rate.For instance, during periods of declining interest rates, an issuer of

debt obligations may exercise an option to redeem securities prior to

maturity, forcing the Fund to invest in lower-yielding securities. The Fund

also may choose to sell higher yielding portfolio securities and to

purchase lower yielding securities to achieve greater portfolio

diversification, because the portfolio managers believe the current

holdings are overvalued or for other investment-related reasons. A

decline in income received by the Fund from its investments is likely to

have a negative effect on dividend levels and the market price, NAV

and/or overall return of the Common Shares.

Call Risk

Call risk refers to the possibility that an issuer may exercise its right to

redeem a fixed income security earlier than expected (a call). Issuers

may call outstanding securities prior to their maturity for a number of

reasons (e.g., declining interest rates, changes in credit spreads and

improvements in the issuer's credit quality). If an issuer calls a security in

which the Fund has invested, the Fund may not recoup the full amount

of its initial investment or may not realize the full anticipated earnings

from the investment and may be forced to reinvest in lower-yielding

securities, securities with greater credit risks or securities with other, less

favorable features.

Real Estate Risk

To the extent that the Fund invests directly or indirectly in real estate

investments, including investments in equity or debt securities issued by

private and public REITs, real estate operating companies ("REOCs"),

private or public real estate-related loans and real estate-linked

derivative instruments, it will be subject to the risks associated with

owning real estate and with the real estate industry generally. These

investments carry increased risks, which include, but are not limited to:

the burdens of ownership of real property; general and local economic

conditions (such as an oversupply of space or a reduction in demand for

space); fluctuations in the supply and demand for properties (including

competition based on rental rates); energy and supply shortages;

fluctuations in average occupancy and room rates; the attractiveness,

type and location of the properties and changes in the relative

popularity of commercial properties as an investment; the financial

condition and resources of tenants, buyers and sellers of properties;

increased mortgage defaults; the quality of maintenance, insurance and

management services; changes in the availability of debt financing

which may render the sale or refinancing of properties difficult or

impracticable; changes in building, environmental and other laws

and/or regulations (including those governing usage and

improvements), fiscal policies and zoning laws; changes in real property

tax rates; changes in interest rates and the availability of mortgage

funds which may render the sale or refinancing of properties difficult or

impracticable; changes in operating costs and expenses; energy and

supply shortages; uninsured losses or delays from casualties or

condemnation; negative developments in the economy that depress

travel or leasing activity; environmental liabilities; contingent liabilities

on disposition of assets; uninsured or uninsurable casualties; acts of

God, including earthquakes, hurricanes and other natural disasters;

social unrest and civil disturbances, epidemics, pandemics or other

public crises; terrorist attacks and war; risks and operating problems

arising out of the presence of certain construction materials, structural

or property level latent defects, work stoppages, shortages of labor,

strikes, union relations and contracts, fluctuating prices and supply of

labor and/or other labor-related factor; and other factors which are

beyond the control of PIMCO and its affiliates. In addition, the Fund's

investments will be subject to various risks which could cause

fluctuations in occupancy, rental rates, operating income and expenses

or which could render the sale or financing of its properties difficult or

unattractive. For example, following the termination or expiration of a

tenant's lease, there may be a period of time before receiving rental

payments under a replacement lease. During that period, the Fund

would continue to bear fixed expenses such as interest, real estate

taxes, maintenance and other operating expenses. In addition, declining

economic conditions may impair the ability to attract replacement

tenants and achieve rental rates equal to or greater than the rents paid

under previous leases. Increased competition for tenants may require

capital improvements to properties which would not have otherwise

been planned.

Ultimately, to the extent it is not possible to renew leases or re-let space

as leases expire, decreased cash flow from tenants will result, which

could adversely impact the Fund's operating results.

Real estate values have historically been cyclical. As the general

economy grows, demand for real estate increases and occupancies and

rents may increase. As occupancies and rents increase, property values

increase, and new development occurs. As development may occur,

occupancies, rents and property values may decline. Because leases are

usually entered into for long periods and development activities often

require extended times to complete, the real estate value cycle often

lags the general business cycle. Because of this cycle, real estate

companies may incur large swings in their profits and the prices of their

securities. Developments following the onset of COVID-19 have

adversely impacted certain commercial real estate markets, causing the

deferral of mortgage payments, renegotiated commercial mortgage

loans, commercial real estate vacancies or outright mortgage defaults.

These developments accelerated of macro trends such as work from

home and online shopping which have negatively impacted (and may

continue to negatively impact) certain industries, such as

brick-and-mortar retail.

The total returns available from investments in real estate generally

depend on the amount of income and capital appreciation generated by

the related properties. The performance of real estate, and thereby the

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Fund, will be reduced by any related expenses, such as expenses paid

directly at the property level and other expenses that are capitalized or

otherwise embedded into the cost basis of the real estate.

Separately, certain service providers to the Fund and/or its Subsidiaries,

as applicable, with respect to its real estate or real estate-related

investments may be owned by, employed by, or otherwise related to,

PIMCO, Allianz SE, their affiliates and/or their respective employees,

consultants and other personnel. PIMCO may, in its sole discretion,

determine to provide, or engage or recommend an affiliate of PIMCO to

provide, certain services to the Fund, instead of engaging or

recommending one or more third parties to provide such services.

Subject to the governance requirements of a particular fund and

applicable law, PIMCO or its affiliates, as applicable, will receive

compensation in connection with the provision of such services. As a

result, PIMCO faces a conflict of interest when selecting or

recommending service providers for the Fund. Fees paid to an affiliated

service provider will be determined in PIMCO's commercially reasonable

discretion. Although PIMCO has adopted various policies and

procedures intended to mitigate or otherwise manage conflicts of

interest with respect to affiliated service providers, there can be no

guarantee that such policies and procedures (which may be modified or

terminated at any time in PIMCO's sole discretion) will be successful.

Private Funds Risk – Tax Risk

Special tax risks are associated with an investment in the Fund. The

Fund intends to qualify and elect to be treated as a RIC under

Subchapter M of the Code. As such, the Fund must satisfy, among other

requirements, diversification and 90% gross income requirements, and

a requirement that it distribute at least 90% of its ordinary income and

net short-term gains in the form of deductible dividends. Each of the

aforementioned ongoing requirements for qualification for the favorable

tax treatment available to RICs requires that the Fund obtain

information from or about the Private Funds in which the Fund is

invested. However, Private Funds generally are not obligated to disclose

the contents of their portfolios. This lack of transparency may make it

difficult for the Investment Manager to monitor the sources of the

Fund's income and the diversification of its assets, and otherwise to

comply with Subchapter M of the Code. Ultimately this may limit the

universe of Private Funds in which the Fund can invest and may

adversely bear on the Fund's ability to qualify as a RIC under Subchapter

M of the Code. The Fund expects to receive information from each

Private Fund regarding its investment performance on a regular basis.

Private Funds and other entities classified as partnerships for

U.S. federal income tax purposes may generate income allocable to the

Fund that is not qualifying income for purposes of the 90% gross

income test. In order to meet the 90% gross income test, the Fund may

structure its investments in a manner that potentially increases the taxes

imposed thereon or in respect thereof. Because the Fund may not have

timely or complete information concerning the amount or sources of

such a Private Fund's income until such income has been earned by the

Private Fund or until a substantial amount of time thereafter, it may be

difficult for the Fund to satisfy the 90% gross income test.

In the event that the Fund believes that it is possible that it will fail the

asset diversification requirement at the end of any quarter of a taxable

year, it may seek to take certain actions to avert such failure, including

by acquiring additional investments to come into compliance with the

asset diversification tests or by disposing of non-diversified assets.

Although the Code affords the Fund the opportunity, in certain

circumstances, to cure a failure to meet the asset diversification test,

including by disposing of non-diversified assets within six months, there

may be constraints on the Fund's ability to dispose of its interest in a

Private Fund that limit utilization of this cure period.

The Fund must distribute at least 90% of its investment company

taxable income, in a manner qualifying for the dividends-paid

deduction, to qualify as a RIC, and must distribute substantially all of its

income in order to avoid a fund-level tax. In addition, if the Fund were

to fail to distribute in a calendar year a sufficient amount of its income

for such year, it would be subject to an excise tax. The determination of

the amount of distributions sufficient to qualify as a RIC and avoid a

fund-level income or excise tax will depend on income and gain

information that must be obtained from the underlying Private Funds.

The Fund's investment in Private Funds may make it difficult to estimate

the Fund's income and gains in a timely fashion, which may increase the

likelihood that the Fund will be liable for the excise tax with respect to

certain undistributed amounts. See "Principal Risks of the Fund—Tax

Risk" in this Prospectus and "Taxation" in the Statement of Additional

Information.

U.S. Government Securities Risk

Certain U.S. government securities, such as U.S. Treasury bills, notes,

bonds and mortgage-related securities guaranteed by the GNMA, are

supported by the full faith and credit of the United States; others, such

as those of Federal Home Loan Banks ("FHLBs") or the Federal Home

Loan Mortgage Corporation ("FHLMC"), are supported by the right of

the issuer to borrow from the U.S. Treasury; others, such as those of the

FNMA, are supported by the discretionary authority of the

U.S. government to purchase the agency's obligations; and still others

are supported only by the credit of the agency, instrumentality or

corporation. U.S. government securities are subject to market risk,

interest rate risk and credit risk. Although legislation has been enacted

to support certain government sponsored entities, including the FHLBs,

FHLMC and FNMA, there is no assurance that the obligations of such

entities will be satisfied in full, or that such obligations will not decrease

in value or default. It is difficult, if not impossible, to predict the future

political, regulatory or economic changes that could impact the

government sponsored entities and the values of their related securities

or obligations. In addition, certain governmental entities, including

FNMA and FHLMC, have been subject to regulatory scrutiny regarding

their accounting policies and practices and other concerns that may

result in legislation, changes in regulatory oversight and/or other

consequences that could adversely affect the credit quality, availability

or investment character of securities issued by these entities. Yields

available from U.S. government debt securities are generally lower than

the yields available from such other securities. The values of

U.S. government securities change as interest rates fluctuate.

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Periodically, uncertainty regarding the status of negotiations in the

U.S. government to increase the statutory debt ceiling could increase the

risk that the U.S. government may default on payments on certain

U.S. government securities, cause the credit rating of the

U.S. government to be downgraded, increase volatility in the stock and

bond markets, result in higher interest rates, reduce prices of

U.S. Treasury and other securities, and/or increase the costs of various

kinds of debt. If a government-sponsored entity is negatively impacted

by legislative or regulatory action (or lack thereof), is unable to meet its

obligations, or its creditworthiness declines, the performance of a fund

that holds securities of the entity will be adversely impacted.

Convertible Securities Risk

Convertible securities are fixed income securities, preferred securities or

other securities that are convertible into or exercisable for common

stock of the issuer (or cash or securities of equivalent value) at either a

stated price or a stated rate. Convertible debt securities pay interest and

convertible preferred stocks pay dividends until they mature or are

converted, exchanged or redeemed. The market values of convertible

securities may decline as interest rates increase and, conversely, may

increase as interest rates decline. A convertible security's market value,

however, tends to reflect the market price of the common stock of the

issuing company when that stock price approaches or is greater than

the convertible security's "conversion price." The conversion price is

defined as the predetermined price at which the convertible security

could be exchanged for the associated stock. Certain types of

convertible securities may decline in value or lose their value entirely in

the event the issuer's financial condition becomes significantly impaired.

As the market price of the underlying common stock declines, the price

of the convertible security tends to be influenced more by the yield of

the convertible security. Thus, it may not decline in price to the same

extent as the underlying common stock. In the event of a liquidation of

the issuing company, holders of convertible securities may be paid

before the company's common stockholders but after holders of any

senior debt obligations of the company. Consequently, the issuer's

convertible securities generally entail less risk than its common stock

but more risk than its other debt obligations. Convertible securities are

often rated below investment grade or not rated.

Contingent Convertible Securities Risk

CoCos have no stated maturity, have fully discretionary coupons and are

typically issued in the form of subordinated debt instruments. CoCos

generally either convert into equity or have their principal written down

(including potentially to zero) upon the occurrence of certain triggering

events ("triggers") linked to regulatory capital thresholds or regulatory

actions relating to the issuer's continued viability. As a result, an

investment by the Fund in CoCos is subject to the risk that coupon (i.e.,

interest) payments may be cancelled by the issuer or a regulatory

authority in order to help the issuer absorb losses and the risk of total

loss. If such an event occurs, an investor may not have any rights to

repayment of the principal amount of the securities. Additionally, an

investor may not be able to collect interest payments or dividends on

such securities. An investment by the Fund in CoCos is also subject to

the risk that, in the event of the liquidation, dissolution or winding-up of

an issuer prior to a trigger event, the Fund's rights and claims will

generally rank junior to the claims of holders of the issuer's other debt

obligations and CoCos may also be treated as junior to an issuer's other

obligations and securities. In addition, if CoCos held by the Fund are

converted into the issuer's underlying equity securities following a

trigger event, the Fund's holding may be further subordinated due to

the conversion from a debt to equity instrument. Further, the value of an

investment in CoCos is unpredictable and will be influenced by many

factors and risks, including interest rate risk, credit risk, market risk and

liquidity risk. An investment by the Fund in CoCos may result in losses to

the Fund.

Valuation Risk

Certain securities in which the Fund invests may be less liquid and more

difficult to value than other types of securities. Investments for which

market quotations are not readily available are valued at fair value as

determined in good faith pursuant to Rule 2a-5 under the 1940 Act. Fair

value pricing may require subjective determinations about the value of a

security or other asset. As a result, there can be no assurance that fair

value pricing will result in adjustments to the prices of securities or other

assets or that fair value pricing will reflect actual market value, and it is

possible that the fair value determined for a security or other asset will

be materially different from quoted or published prices, from the prices

used by others for the same security or other asset and/or from the

value that actually could be or is realized upon the sale of that security

or other asset.

Leverage Risk

The Fund's use of leverage (as described under "Use of Leverage" in the

body of this prospectus) creates the opportunity for increased Common

Share net income, but also creates special risks for Common

Shareholders (including an increased risk of loss). To the extent used,

there is no assurance that the Fund's leveraging strategies will be

successful. Leverage is a speculative technique that may expose the

Fund to greater risk and increased costs. The Fund's assets attributable

to leverage, if any, will be invested in accordance with the Fund's

investment objective and policies as described in this prospectus.

Interest expense payable by the Fund with respect to derivatives and

other forms of leverage, and dividends payable with respect to preferred

shares outstanding, if any, will generally be based on shorter-term

interest rates that would be periodically reset. So long as the Fund's

portfolio investments provide a higher rate of return (net of applicable

Fund expenses) than the interest expenses and other costs to the Fund

of such leverage, the investment of the proceeds thereof will generate

more income than will be needed to pay the costs of the leverage. If so,

and all other things being equal, the excess may be used to pay higher

dividends to Common Shareholders than if the Fund were not so

leveraged. If, however, shorter-term interest rates rise relative to the rate

of return on the Fund's portfolio, the interest and other costs to the

Fund of leverage could exceed the rate of return on the debt obligations

and other investments held by the Fund, thereby reducing return to

Common Shareholders. When the Fund reduces or discontinues its use

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of leverage ("deleveraging"), which it may be required to do at

inopportune times, it may be required to sell portfolio securities at

inopportune times to repay leverage obligations, which could result in

realized losses and a decrease in the Fund's net asset value.

Deleveraging involves complex operational processes, including the

coordination of asset sales, repayment of debt, and potential

restructuring of the Fund's capital and may involve significant costs,

including transaction costs associated with the sale of portfolio

securities, prepayment penalties on borrowed funds, and, if applicable,

fees related to the redemption of preferred shares. Leveraging

transactions pursued by the Fund may increase its duration and

sensitivity to interest rate changes and other market risks. The Fund may

continue to use leverage even if available financing rates are higher

than anticipated returns, including, for example, in cases where

deleveraging, including any expenses related thereto, might be viewed

as detrimental to the Fund's portfolio. In addition, fees and expenses of

any form of leverage used by the Fund will be borne entirely by the

Common Shareholders (and not by preferred shareholders, if any) and

will reduce the investment return of the Common Shares. Therefore,

there can be no assurance that the Fund's use of leverage will result in a

higher yield on the Common Shares, and it may result in losses. In

addition, any preferred shares issued by the Fund are expected to pay

cumulative dividends, which may tend to increase leverage risk.

Leverage creates several major types of risks for Common Shareholders,

including:

■

the likelihood of greater volatility of NAV of Common Shares, and

of the investment return to Common Shareholders, than a

comparable portfolio without leverage;

■

the possibility either that Common Share dividends will fall if the

interest and other costs of leverage rise, or that dividends paid on

Common Shares will fluctuate because such costs vary over time;

and

■

the effects of leverage in a declining market or a rising interest

rate environment, as leverage is likely to cause a greater decline in

the NAV of the Common Shares than if the Fund were not

leveraged.

In addition, the counterparties to the Fund's leveraging transactions and

any preferred shareholders of the Fund will have complete priority of

payment over the Fund's Common Shareholders.

Reverse repurchase agreements involve the risks that the interest

income earned on the investment of the proceeds will be less than the

interest expense and Fund expenses associated with the repurchase

agreement, that the market value of the securities sold by the Fund may

decline below the price at which the Fund is obligated to repurchase

such securities and that the securities may not be returned to the Fund.

There is no assurance that reverse repurchase agreements can be

successfully employed. Dollar roll/buyback transactions involve the risk

that the market value of the securities the Fund is required to purchase

may decline below the agreed upon repurchase price of those securities.

Successful use of dollar rolls/buybacks may depend upon the Investment

Manager's ability to correctly predict interest rates and prepayments.

There is no assurance that dollar rolls/buybacks can be successfully

employed. In connection with reverse repurchase agreements and dollar

rolls/buybacks, the Fund will also be subject to counterparty risk with

respect to the purchaser of the securities. If the broker/dealer to whom

the Fund sells securities becomes insolvent, the Fund's right to purchase

or repurchase securities may be restricted.

The Fund may engage in total return swaps, reverse repurchases, loans

of portfolio securities, short sales and when-issued, delayed delivery and

forward commitment transactions, credit default swaps, basis swaps

and other swap agreements, purchases or sales of futures and forward

contracts (including foreign currency exchange contracts), call and put

options or other derivatives. The Fund's use of such transactions gives

rise to associated leverage risks described above, and may adversely

affect the Fund's income, distributions and total returns to Common

Shareholders. To the extent that any offsetting positions do not behave

in relation to one another as expected, the Fund may perform as if it is

leveraged through use of these derivative strategies.

Any total return swaps, reverse repurchases, loans of portfolio securities,

short sales and when-issued, delayed delivery and forward commitment

transactions, credit default swaps, basis swaps and other swap

agreements, purchases or sales of futures and forward contracts

(including foreign currency exchange contracts), call and put options or

other derivatives by the Fund or counterparties to the Fund's other

leveraging transactions, if any, would have seniority over the Fund's

Common Shares.

Because the fees received by the Investment Manager may increase

depending on the types of leverage utilized by the Fund, the Investment

Manager has a financial incentive for the Fund to use certain forms of

leverage, which may create a conflict of interest between the Investment

Manager, on the one hand, and the Common Shareholders, on the other

hand.

To the extent that any Subsidiary of the Fund directly incurs leverage in

the form of debt or preferred shares, the amount of such leverage used

by the Fund and such Subsidiaries will be consolidated and treated as

senior securities for purposes of complying with the 1940 Act's

limitations on leverage by the Fund.

Focused Investment Risk

To the extent that the Fund focuses its investments in a particular sector,

it may be susceptible to loss due to adverse developments affecting that

sector, including (but not limited to): governmental regulation; inflation;

rising interest rates; cost increases in raw materials, fuel and other

operating expenses; technological innovations that may render existing

products and equipment obsolete; competition from new entrants; high

research and development costs; increased costs associated with

compliance with environmental or other governmental regulations; and

other economic, business or political developments specific to that

sector. Furthermore, the Fund may invest a substantial portion of its

assets in companies in related sectors that may share common

characteristics, are often subject to similar business risks and regulatory

burdens, and whose securities may react similarly to the types of

developments described above, which will subject the Fund to greater

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risk. The Fund also will be subject to focused investment risk to the

extent that it invests a substantial portion of its assets in a particular

issuer, market, asset class, country or geographic region.

Equity Risk

Equity securities represent an ownership interest, or the right to acquire

an ownership interest, in an issuer. Equity securities also include, among

other things, common stocks, preferred securities, convertible stocks and

warrants. The values of equity securities, such as common stocks and

preferred securities, may decline due to general market conditions that

are not specifically related to a particular company, such as real or

perceived adverse economic conditions, changes in the general outlook

for corporate earnings, changes in inflation, interest or currency rates,

financial system instability or adverse investor sentiment generally. They

may also decline due to factors that affect a particular industry or

industries, such as regulatory changes, labor shortages or increased

production costs and competitive conditions within an

industry.Conversely, a change in financial condition or other event

affecting a single issuer or industry may adversely impact securities

markets as a whole. Equity securities generally have greater price

volatility than most fixed income securities. These risks are generally

magnified in the case of equity investments in distressed companies.

Other Pooled Investment Vehicles Risk

Subject to applicable limits under the 1940 Act, the Fund may invest in

other pooled investment vehicles, including investment companies,

private funds or other pooled investment vehicles that would qualify as

"investment companies" under the 1940 Act but for an applicable

exemption or exclusion, including but not limited to Sections 3(c)(1) or

3(c)(7) of the 1940 Act ("Private Funds"). When investing in an

investment company, the Fund will generally bear its ratable share of

that investment company's expenses and would remain subject to

payment of the Fund's investment management fees and other

expenses with respect to assets so invested. Common Shareholders

would therefore be subject to duplicative expenses to the extent the

Fund invests in other investment companies. In addition, other

investment companies may utilize leverage, in which case an investment

would subject the Fund to additional risks associated with leverage. Due

to its own financial interest or other business considerations, the

Investment Manager may choose to invest a portion of the Fund's assets

in investment companies sponsored or managed by the Investment

Manager or its related parties in lieu of investments by the Fund directly

in portfolio securities, or may choose to invest in such investment

companies over investment companies sponsored or managed by

others. Participation in a cash sweep program where the Fund's

uninvested cash balance is used to purchase shares of affiliated or

unaffiliated money market funds or cash management pooled

investment vehicles at the end of each day subjects the Fund to the risks

associated with the underlying money market funds or cash

management pooled investment vehicles, including liquidity risk.

Applicable law may limit the Fund's ability to invest in other investment

companies.

To the extent the Fund invests through one or more Private Funds, the

Fund would be exposed to the risks associated with such Private Fund's

investments. The Fund's investments in Private Funds would not be

subject to the protections afforded to shareholders under the 1940 Act.

These protections include, among others, certain corporate governance

standards, such as the requirement of having a certain percentage of

the directors serving on a board as independent directors, statutory

protections against self-dealing by Private Fund managers, and leverage

limitations. By investing in Private Funds indirectly through the Fund, a

shareholder would bear two layers of asset-based fees and expenses –

at the Fund level and the Private Fund level – in addition to indirectly

bearing any performance fees charged by the Private Fund.

Derivatives Risk

The Fund may, but is not required to, utilize a variety of derivative

instruments (both long and short positions) for investment or risk

management purposes. Additionally, the Fund may invest in futures and

other derivatives that provide equity exposures, including for

equitization and hedging purposes, using derivatives that provide

exposure that is not identical to the instruments or markets in which the

Fund seeks to invest 80% of its assets. Derivatives or other similar

instruments (referred to collectively as "derivatives") are financial

contracts whose value depends on, or is derived from, the value of an

underlying asset, reference rate or index. For example, the Fund may use

derivative instruments for purposes of increasing liquidity, providing

efficient portfolio management, broadening investment opportunities

(including taking short or negative positions), implementing a tax or

cash management strategy, gaining exposure to a particular security or

segment of the market, modifying the effective duration of the Fund's

portfolio investments and/or enhancing total return. Investments in

derivatives may take the form of buying and/or writing (selling)

derivatives, and/or the Fund may otherwise become an obligor under a

derivatives transaction. These transactions may produce short-term

capital gains in the form of premiums or other returns for the Fund

(which may support, constitute and/or increase the distributions paid by,

or the yield of, the Fund) but create the risk of losses that can

significantly exceed such current income or other returns. For example,

the premium received for writing a call option may be dwarfed by the

losses the Fund may incur if the call option is exercised, and derivative

transactions where the Fund is an obligor can produce an up-front

benefit, but the potential for leveraged losses. The distributions, or

distribution rates, paid by the Fund should not be viewed as the total

returns or overall performance of the Fund. These strategies may also

produce adverse tax consequences (for example, the Fund's income and

gain-generating strategies may generate current income and gains,

including short-term capital gains, taxable as ordinary income) and limit

the Fund's opportunity to profit or otherwise benefit from certain gains.

The Fund may enter into opposing derivative transactions, or otherwise

take opposing positions. Such transactions can generate distributable

gains (which, as noted elsewhere, may be taxed as ordinary income) and

create the risk of losses and NAV declines.

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The Fund may engage in investment strategies, including the use of

derivatives, to, among other things, generate current, distributable

income, even if such strategies could potentially result in declines in the

Fund's net asset value. The Fund's income and gain-generating

strategies, including certain derivatives strategies, may generate current

income and gains, including short-term capital gains, taxable as

ordinary income sufficient to support distributions, even in situations

when the Fund has experienced a decline in net assets due to, for

example, adverse changes in the broad U.S. or non-U.S. securities

markets or the Fund's portfolio of investments, or arising from its use of

derivatives. Consequently, Fund shareholders may receive distributions

subject to tax at ordinary income rates at a time when their investment

in the Fund has declined in value, which may be economically similar to

a taxable return of capital.

The use of derivatives involves risks different from, and possibly greater

than, the risks associated with investing directly in securities and other

traditional investments. Derivatives, which may increase market

exposure, are subject to a number of risks, including leverage risk,

liquidity risk (which may be heightened for highly-customized

derivatives), interest rate risk, market risk, counterparty (including credit)

risk, operational risk (such as documentation issues, settlement issues

and systems failures), legal risk (such as insufficient documentation,

insufficient capacity or authority of a counterparty, and issues with the

legality or enforceability of a contract), management risk, risks arising

from changes in applicable regulatory requirements, risks arising from

margin requirements and risks arising from mispricing or valuation

complexity (including the risk of improper valuation), governmental risk,

as well as the risks associated with the underlying asset, reference rate

or index, or risk associated with sanctions. They also involve the risk that

changes in the value of a derivative instrument may not correlate

perfectly with the underlying asset, rate or index. By investing in a

derivative instrument, the Fund could lose more than the initial amount

invested, and derivatives may increase the volatility of the Fund,

especially in unusual or extreme market conditions. In addition, the use

of derivatives may cause the Fund's investment returns to be impacted

by the performance of assets the Fund does not own, potentially

resulting in the Fund's total investment exposure exceeding the value of

its portfolio. Certain derivatives have the potential for unlimited loss,

regardless of the size of the initial investment. The Fund may utilize

asset segregation and posting of collateral for risk management or

other purposes. The Fund may be required to hold additional cash or sell

other investments in order to obtain cash to close out a position and

changes in the value of a derivative may also create margin delivery or

settlement payment obligations for the Fund. Also, suitable derivative

transactions may not be available in all circumstances and there can be

no assurance that the Fund will engage in these transactions to reduce

exposure to other risks when that would be beneficial or that, if used,

such strategies will be successful. The Fund's use of derivatives may

increase or accelerate the amount of taxes payable by Common

Shareholders.

Non-centrally-cleared Over-the-counter ("OTC") derivatives are also

subject to the risk that a counterparty to the transaction will not fulfill

its contractual obligations to the other party, as many of the protections

afforded to centrally-cleared derivative transactions might not be

available for non-centrally-cleared OTC derivatives. The primary credit

risk on derivatives that are exchange-traded or traded through a central

clearing counterparty resides with the Fund's clearing broker, or the

clearinghouse.

Derivatives that are cleared by a central clearing organization can still

be subject to different risks, including the creditworthiness of the central

clearing organization and its members.

In addition, derivatives that are traded on an exchange are subject to

the risk that an exchange may limit the maximum daily price fluctuation

of a derivative contract and restrict or suspend trading of a contract that

has reached a limit. Such limit governs only price movements of a

contract during a particular trading day and therefore does not limit

potential losses because the limit may work to prevent the liquidation of

unfavorable positions. A daily limit may be reached for several

consecutive days with little or no trading.

Participation in the markets for derivative instruments involves

investment risks and transaction costs to which the Fund may not be

subject absent the use of these strategies. The skills needed to

successfully execute derivative strategies may be different from those

needed for other types of transactions. If the Fund incorrectly forecasts

the value and/or creditworthiness of securities, currencies, interest rates,

counterparties or other economic factors involved in a derivative

transaction, the Fund might have been in a better position if the Fund

had not entered into such derivative transaction. In evaluating the risks

and contractual obligations associated with particular derivative

instruments or other similar investments, it is important to consider that

certain derivative transactions, absent a default or termination event,

may only be modified or terminated by mutual consent of the Fund and

its counterparty.

It may not be possible for the Fund to modify, terminate, or offset the

Fund's obligations or the Fund's exposure to the risks associated with a

derivative transaction prior to its scheduled termination or maturity

date, which may create a possibility of increased volatility and/or

decreased liquidity to the Fund.

Because the markets for certain derivative instruments (including

markets located in foreign countries) are relatively new and still

developing, appropriate derivative transactions may not be available in

all circumstances for risk management or other purposes. Upon the

expiration of a particular contract, the Fund may wish to retain the

Fund's position in the derivative instrument by entering into a similar

contract but may be unable to do so if the counterparty to the original

contract is unwilling to enter into the new contract and no other

appropriate counterparty can be found. When such markets are

unavailable, the Fund will be subject to increased liquidity and

investment risk.

The Fund may enter into opposite sides of interest rate swap and other

derivatives for the principal purpose of generating distributable gains on

the one side (characterized as ordinary income for tax purposes) that

are not part of the Fund's duration or yield curve management

strategies ("paired swap transactions"), and with a substantial

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possibility that the Fund will experience a corresponding capital loss

and decline in NAV with respect to the opposite side transaction (to the

extent it does not have corresponding offsetting capital gains).

Consequently, Common Shareholders may receive distributions and owe

tax on amounts that are effectively a taxable return of the shareholder's

investment in the Fund, at a time when their investment in the Fund has

declined in value, which tax may be at ordinary income rates. In

addition, the Fund's use of derivatives may cause the Fund to realize

higher amounts of short-term capital gains (generally taxed at ordinary

income tax rates), potentially subjecting shareholders of the Fund to

adverse tax consequences. The tax treatment of certain derivatives in

which the Fund invests may be unclear and thus subject to

recharacterization. Any recharacterization of payments made or received

by the Fund pursuant to derivatives potentially could affect the amount,

timing or character of Fund distributions. In addition, the tax treatment

of such investment strategies may be changed by regulation or

otherwise.

More generally, sales of the Fund's portfolio holdings may result in

short-term capital gains (which are generally taxed to shareholders at

ordinary income tax rates when distributed net of short-term capital

losses and net of long-term capital losses), potentially subjecting

shareholders of the Fund to adverse tax consequences.

Although hedging can reduce or eliminate losses, it can also reduce or

eliminate gains. Hedges are sometimes subject to imperfect matching

between the derivative and the underlying instrument, and there can be

no assurance that the Fund's hedging transactions will be effective.

Derivatives used for hedging or risk management may not operate as

intended or may expose the Fund to additional risks. In addition,

derivatives used for hedging may partially protect the Fund from the

risks they were intended to hedge yet not fully mitigate the impact of

such risks. The regulation of the derivatives markets has increased over

time, and additional future regulation of the derivatives markets may

make derivatives more costly, may limit the availability or reduce the

liquidity of derivatives, or may otherwise adversely affect the value or

performance of derivatives. Any such adverse future developments could

impair the effectiveness or raise the costs of the Fund's derivative

transactions, impede the employment of the Fund's derivatives

strategies, or adversely affect the Fund's performance and cause the

Fund to lose value.

Credit Default Swaps Risk

Credit default swap agreements may involve greater risks than if the

Fund had invested in the reference obligation directly since, in addition

to general market risks, credit default swaps are subject to leverage risk,

illiquidity risk, counterparty risk and credit risk. A buyer generally also

will lose its investment and recover nothing should no credit event occur

and the swap is held to its termination date. If a credit event were to

occur, the value of any deliverable obligation received by the seller (if

any), coupled with the upfront or periodic payments previously received,

may be less than the full notional value it pays to the buyer, resulting in

a loss of value to the seller. When the Fund acts as a seller of a credit

default swap, it is exposed to many of the same risks of leverage

described herein. As the seller, the Fund would receive a stream of

payments over the term of the swap agreement provided that no event

of default has occurred with respect to the referenced debt obligation

upon which the swap is based. The Fund would effectively add leverage

to its portfolio because, if a default occurs, the stream of payments may

stop and, in addition to its total net assets, the Fund would be subject to

investment exposure on the notional amount of the swap.

Although the Fund may seek to realize gains by selling credit default

swaps that increase in value, to realize gains on selling credit default

swaps, an active secondary market for such instruments must exist or

the Fund must otherwise be able to close out these transactions at

advantageous times. In addition to the risk of losses described above, if

no such secondary market exists or the Fund is otherwise unable to

close out these transactions at advantageous times, selling credit

default swaps may not be profitable for the Fund.

The market for credit default swaps has become more volatile as the

creditworthiness of certain counterparties has been questioned and/or

downgraded. The Fund will be subject to credit risk with respect to the

counterparties to the credit default swap contract (whether a clearing

corporation or another third party). If a counterparty's credit becomes

significantly impaired, multiple requests for collateral posting in a short

period of time could increase the risk that the Fund may not receive

adequate collateral. The Fund may exit its obligations under a credit

default swap only by terminating the contract and paying applicable

breakage fees, or by entering into an offsetting credit default swap

position, which may cause the Fund to incur more losses.

Structured Investments Risk

Holders of structured products, including structured notes, credit-linked

notes and other types of structured products, bear the risks of the

underlying investments, index or reference obligation and are subject to

counterparty risk. The Fund may have the right to receive payments only

from the structured product, and generally does not have direct rights

against the issuer or the entity that sold the assets to be securitized.

While certain structured products enable the investor to acquire

interests in a pool of securities without the brokerage and other

expenses associated with directly holding the same securities, investors

in structured products generally pay their share of the structured

product's administrative and other expenses. Although it is difficult to

predict whether the prices of indexes and securities underlying

structured products will rise or fall, these prices (and, therefore, the

prices of structured products) are generally influenced by the same types

of political and economic events that affect issuers of securities and

capital markets generally. If the issuer of a structured product uses

shorter term financing to purchase longer term securities, the issuer may

be forced to sell its securities at below market prices if it experiences

difficulty in obtaining such financing, which may adversely affect the

value of the structured products owned by the Fund. Structured

products generally entail risks associated with derivative instruments.

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Counterparty Risk

The Fund will be subject to credit risk with respect to the counterparties

to the derivative contracts and other instruments entered into by the

Fund or held by special purpose or structured vehicles in which the Fund

invests. For example, if a bank at which the Fund or issuer has an

account fails, any cash or other assets in bank or custody accounts,

which may be substantial in size, could be temporarily inaccessible or

permanently lost by the Fund or issuer. In the event that the Fund enters

into a derivative transaction with a counterparty that subsequently

becomes insolvent or becomes the subject of a bankruptcy case, the

derivative transaction may be terminated in accordance with its terms

and the Fund's ability to realize its rights under the derivative

instrument and its ability to distribute the proceeds could be adversely

affected. If a counterparty becomes bankrupt or otherwise fails to

perform its obligations under a derivative contract due to financial

difficulties, the Fund may experience significant delays in obtaining any

recovery (including recovery of any collateral it has provided to the

counterparty) in a dissolution, assignment for the benefit of creditors,

liquidation, winding-up, bankruptcy, or other analogous proceeding. In

addition, in the event of the insolvency of a counterparty to a derivative

transaction, the derivative transaction would typically be terminated at

its fair market value. If the Fund is owed this fair market value in the

termination of the derivative transaction and its claim is unsecured, the

Fund will be treated as a general creditor of such counterparty, and will

not have any claim with respect to any underlying security or asset. The

Fund may obtain only a limited recovery or may obtain no recovery in

such circumstances. Counterparty credit risk also includes the related

risk of having concentrated exposure to a single counterparty, which

may increase potential losses if the counterparty were to become

insolvent. While the Fund may seek to manage its counterparty risk by

transacting with a number of counterparties, concerns about the

solvency of, or a default by, one large market participant could lead to

significant impairment of liquidity and other adverse consequences for

other counterparties.

Confidential Information Access Risk

In managing the Fund (and other PIMCO clients), PIMCO may from time

to time have the opportunity to receive material, non-public information

("Confidential Information") about the issuers of certain investments,

including, without limitation, senior floating rate loans, other loans and

related investments being considered for acquisition by the Fund or held

in the Fund's portfolio. For example, an issuer of privately placed loans

considered by the Fund may offer to provide PIMCO with financial

information and related documentation regarding the issuer that is not

publicly available. Pursuant to applicable policies and procedures,

PIMCO may (but is not required to) seek to avoid receipt of Confidential

Information issuer so as to avoid possible restrictions on its ability to

purchase and sell investments on behalf of the Fund and other clients to

which such Confidential Information relates. In such circumstances, the

Fund (and other PIMCO clients) may be disadvantaged in comparison to

other investors, including with respect to the price the Fund pays or

receives when it buys or sells an investment. Further, PIMCO's and the

Fund's abilities to assess the desirability of proposed consents, waivers

or amendments with respect to certain investments may be

compromised if they are not privy to available Confidential Information.

PIMCO may also determine to receive such Confidential Information in

certain circumstances under its applicable policies and procedures. If

PIMCO intentionally or unintentionally comes into possession of

Confidential Information, it may be unable, potentially for a substantial

period of time, to purchase or sell investments to which such

Confidential Information relates.

Private Placements Risk

A private placement involves the sale of securities that have not been

registered under the Securities Act, or relevant provisions of applicable

non-U.S. law, to certain institutional and qualified individual purchasers,

such as the Fund. In addition to the general risks to which all securities

are subject, securities received in a private placement generally are

subject to strict restrictions on resale, and there may be no liquid

secondary market or ready purchaser for such securities. See "Principal

Risks of the Fund—Liquidity Risk." Therefore, the Fund may be unable

to dispose of such securities when it desires to do so, or at the most

favorable time or price. Private placements may also raise valuation

risks. See "Principal Risks of the Fund—Valuation Risk." The Fund may

also have to bear the expense of registering the securities for resale and

the risk of substantial delays in effecting the registration. Additionally,

the purchase price and subsequent valuation of private placements

typically reflect a discount, which may be significant, from the market

price of comparable securities for which a more liquid market exists.

Inflation/Deflation Risk

Inflation risk is the risk that the value of assets or income from the

Fund's investments will be worth less in the future as inflation decreases

the value of payments at future dates. As inflation increases, the real

value of the Fund's portfolio could decline. Inflation rates may change

frequently and significantly as a result of various factors, including

unexpected shifts in the domestic or global economy or changes in fiscal

or monetary policies. Deflation risk is the risk that prices throughout the

economy decline over time. Deflation may have an adverse effect on the

creditworthiness of issuers and may make issuer default more likely,

which may result in a decline in the value of the Fund's portfolio and

Common Shares.

Insurance-Linked and Other Instruments Risk

The Fund may invest in insurance-linked instruments and similar

investments (which may include, for example, exposure to reinsurance

contracts (through sidecars or otherwise), event-linked bonds, such as

catastrophe and resilience bonds, and securities relating to life

insurance policies, annuity contracts and premium finance loans). The

Fund could lose a portion or all of the principal it has invested in these

types of investments, and the right to additional interest and/or dividend

payments with respect to the investments, upon the occurrence of one

or more trigger events, as defined within the terms of an investment.

Trigger events may include natural or other perils of a specific size or

magnitude that occur in a designated geographic region during a

specified time period, and/or that involve losses or other metrics that

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exceed a specific amount. The Fund may also invest in insurance-linked

instruments that are subject to "indemnity triggers." An indemnity

trigger is a mechanism where the payout to the investor is based on the

actual losses incurred by the insurer and come into play when losses

from a specified event exceed a designated level. Insurance-linked

instruments subject to indemnity triggers are often regarded as being

subject to potential moral hazard, since such insurance-linked

investments are triggered by actual losses of the ceding sponsor and the

ceding sponsor may have an incentive to take actions and/or risks that

would have an adverse effect on the Fund. There is no way to accurately

predict whether a trigger event will occur and, accordingly,

insurance-linked instruments and similar investments carry significant

risk. In addition to the specified trigger events, these types of

investments may expose the Fund to other risks, including but not

limited to issuer (credit) default, adverse regulatory or jurisdictional

interpretations and adverse tax consequences.

The Fund may also gain exposure to reinsurance contracts (through

insurance-linked securities, sidecars or otherwise). This exposure may

include "excess of loss" contracts, wherein liability arises only if and

when losses exceed a specified amount, and proportional reinsurance,

wherein a pro rata portion of the premiums and liabilities of the cedant

associated with a specified business or a portfolio of insurance contracts

are linked to the investment. Investments linked to reinsurance

transactions may involve significant insurance brokerage fees, fronting

fees and other transaction costs.

A series of major triggering events could cause the failure of a reinsurer.

Similarly, to the extent the Fund invests in reinsurance-related securities

for which a triggering event occurs, losses associated with such event

will result in losses to the Fund and a series of major triggering events

affecting a large portion of the reinsurance-related securities held by the

Fund may result in substantial losses to the Fund. In addition,

unexpected events such as natural disasters or terrorist attacks could

lead to government intervention. Political, judicial and legal

developments affecting the reinsurance industry could also create new

and expanded theories of liability or regulatory or other requirements;

such changes could have a material adverse effect on a Fund. In

addition, the litigation environment in catastrophe-exposed states or

regions could impact the frequency and severity of insurance claims, and

litigation costs could decrease the value of a Fund's investment in

products linked to reinsurance contracts. In recent years, capital market

participants have been increasingly active in the reinsurance market and

markets for related risks. Increased competition could result in fewer

submissions, lower premium rates and less favorable policy terms and

conditions.

Certain insurance-linked instruments and similar investments may have

limited liquidity, or may be illiquid. The Fund has limited transparency

into the individual contracts underlying certain insurance-linked

instruments and similar investments, which may make the risk

assessment of them more difficult. These types of investments may be

difficult to value.

The aforementioned instruments may include longevity and mortality

investments, including indirect investment in pools of insurance-related

longevity and mortality investments, including life insurance policies,

annuity contracts and premium finance loans. Such investments are

subject to "longevity risk" and/or "mortality risk." Longevity risk is the

risk that members of a reference population will live longer, on average,

than anticipated. Mortality risk is the risk that members of a reference

population will live shorter, on average, than anticipated. Changes in

these rates can significantly affect the liabilities and cash needs of life

insurers, annuity providers and pension funds. The terms of a longevity

bond typically provide that the investor in the bond will receive less than

the bond's par amount at maturity if the actual average longevity (life

span) of a specified population of people observed over a specified

period of time (typically measured by a longevity index) is higher than a

specified level. If longevity is higher than expected, the bond will return

less than its par amount at maturity. A mortality bond, in contrast to a

longevity bond, typically provides that the investor in the bond will

receive less than the bond's par amount at maturity if the mortality rate

of a specified population of people observed over a specified period of

time (typically measured by a mortality index) is higher than a specified

level.

During their term, both longevity bonds and mortality bonds typically

pay a floating rate of interest to investors. Longevity and mortality

investments purchased by the Fund involve the risk of incorrectly

predicting the actual level of longevity or mortality, as applicable, for the

reference population of people. With respect to mortality investments

held by the Fund, there is also the risk that an epidemic or other

catastrophic event could strike the reference population, resulting in

mortality rates exceeding expectations. The Fund may also gain this type

of exposure through event-linked derivative instruments, such as swaps,

that are contingent on or formulaically related to longevity or mortality

risk.

Regulatory Changes Risk

Financial entities, such as investment companies and investment

advisers, are generally subject to extensive government regulation and

intervention. Government regulation and/or intervention may change

the way the Fund is regulated, affect the expenses incurred directly by

the Fund and the value of its investments, and limit and /or preclude the

Fund's ability to achieve its investment objective. Government

regulation may change frequently and may have significant adverse

consequences. The Fund and the Investment Manager have historically

been eligible for exemptions from certain regulations. However, there is

no assurance that the Fund and the Investment Manager will continue

to be eligible for such exemptions.

Moreover, government regulation may have unpredictable and

unintended effects. Legislative or regulatory actions to address

perceived liquidity or other issues in fixed income markets generally, or

in particular markets such as the municipal securities market, may alter

or impair the Fund's ability to pursue its investment objective or utilize

certain investment strategies and techniques.

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While there continues to be uncertainty about the full impact of these

and other regulatory changes, it is the case that the Fund will be subject

to a more complex regulatory framework, and may incur additional

costs to comply with new requirements as well as to monitor for

compliance in the future. Actions by governmental entities may also

impact certain instruments in which the Fund invests and reduce market

liquidity and resiliency.

Tax Risk

The Fund has elected to be treated as a RIC under Subchapter M of the

Code and intends each year to qualify and be eligible to be treated as

such, so that it generally will not be subject to U.S. federal income tax

on its net investment income or net short-term or long-term capital

gains that are timely distributed (or deemed distributed, as described

below) to shareholders. In order to qualify and be eligible for such

treatment, the Fund must meet certain asset diversification tests, derive

at least 90% of its gross income for such year from certain types of

qualifying income, and distribute to its shareholders at least 90% of its

"investment company taxable income" as that term is defined in the

Code (which includes, among other things, dividends, taxable interest

and the excess of any net short-term capital gains over net long-term

capital losses, as reduced by certain deductible expenses) and net

tax-exempt income, for such year.

The Fund's investment strategy will potentially be limited by its intention

to qualify for treatment as a RIC and can limit the Fund's ability to

qualify as such. The tax treatment of certain of the Fund's investments

under one or more of the qualification or distribution tests applicable to

RICs is uncertain. An adverse determination or future guidance by the

IRS or a change in law might affect the Fund's ability to qualify or be

eligible for treatment as a RIC. Income and gains from certain of the

Fund's activities may not constitute qualifying income to a RIC for

purposes of the 90% gross income test. If the Fund's income or gain

from a particular investment or activity were determined to constitute

nonqualifying income, which in certain cases may be determined

retroactively, and the Fund's nonqualifying income from all sources

were to exceed 10% of its gross income in any taxable year, the Fund

would fail to qualify as a RIC unless it were eligible to and did pay a tax

at the Fund level. See "Taxation" in the Statement of Additional

Information for additional details.

If, in any year, the Fund were to fail to qualify for treatment as a RIC

under the Code and were ineligible to or did not otherwise cure such

failure, the Fund would be subject to tax on its taxable income at

corporate rates and, when such income is distributed, shareholders

would be subject to further tax on such distributions to the extent of the

Fund's current or accumulated earnings and profits.

To the extent the Fund invests through one or more subsidiaries, the

Fund may be required to include in gross income for U.S. federal income

tax purposes all of the subsidiary's income, whether or not such income

is distributed by the subsidiary, and the Fund may generally have to

treat such income as ordinary income, regardless of the character of the

subsidiary's underlying income or gains. If a net loss is realized by a

subsidiary, such loss is not generally available to offset the income

earned by the Fund, and such loss cannot be carried forward to offset

taxable income of the Fund or the subsidiary in future periods.

Potential Conflicts of Interest Risk—Allocation of Investment

Opportunities

The Investment Manager and its affiliates are involved worldwide with a

broad spectrum of financial services and asset management activities

and may engage in the ordinary course of business in activities in which

their interests or the interests of their clients may conflict with those of

the Fund. The Investment Manager may provide investment

management services to other funds and discretionary managed

accounts that follow an investment program similar to that of the Fund.

Subject to the requirements of the 1940 Act, the Investment Manager

intends to engage in such activities and may receive compensation from

third parties for its services. The results of the Fund's investment

activities may differ from those of the Fund's affiliates, or another

account managed by the Investment Manager or its affiliates, and it is

possible that the Fund could sustain losses during periods in which one

or more of the Fund's affiliates and/or other accounts managed by the

Investment Manager or its affiliates, including proprietary accounts,

achieve profits on their trading.

Repurchase Agreements Risk

The Fund may enter into repurchase agreements, in which the Fund

purchases a security from a bank or broker-dealer, which agrees to

repurchase the security at the Fund's cost plus interest within a specified

time. Entering into repurchase agreements allows the Fund to earn a

return on cash in the Fund's portfolio that would otherwise remain

un-invested. Repurchase agreements may involve risks in the event of

default or insolvency of the counterparty, including possible delays or

restrictions upon the Fund's ability to sell the underlying securities and

additional expenses in seeking to enforce the Fund's rights and recover

any losses. Although the Fund seeks to limit the credit risk under a

repurchase agreement by carefully selecting counterparties and

accepting only high quality collateral, some credit risk remains. The

counterparty could default which may make it necessary for the Fund to

incur expenses to liquidate the collateral. The security subject to a

repurchase agreement may be or become illiquid. These events could

also trigger adverse tax consequences for the Fund.

In December 2023, the U.S. Securities and Exchange Commission

adopted rule amendments that are expected to result in the Fund being

required to clear all or substantially all of its repurchase agreements

collateralized by U.S. Treasury securities as of June 30, 2027 where a

direct participant in any covered clearing agency is the counterparty. The

Fund may incur costs in connection with entering into new agreements

(or amending existing agreements) with counterparties who are direct

participants of a covered clearing agency and potentially other market

participants and taking other actions to comply with the new

requirements. In addition, upon the compliance date, the costs and

benefits of entering into repurchase agreements collateralized by

U.S. Treasury securities to the Fund may be impacted as compared to

such repurchase agreements prior to the compliance date.

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Distribution Rate Risk

The Fund's distribution rate may be affected by numerous factors,

including but not limited to changes in realized and projected market

returns, fluctuations in market interest rates, Fund performance, and

other factors. There can be no assurance that a change in market

conditions or other factors will not result in a change in the Fund's

distribution rate or that the rate will be sustainable in the future.

Additionally, the distribution rate is not indicative of the Fund's

performance and may not correlate with the actual returns generated by

the Fund's investments.

For instance, during periods of low or declining interest rates, the Fund's

distributable income and dividend levels may decline for many reasons.

For example, the Fund may have to deploy uninvested assets (whether

from sales of Fund shares, proceeds from matured, traded or called debt

obligations or other sources) in new, lower yielding instruments.

Additionally, payments from certain instruments that may be held by the

Fund (such as variable and floating rate securities) may be negatively

impacted by declining interest rates, which may also lead to a decline in

the Fund's distributable income and dividend levels. The distribution rate

is not indicative of the Fund's performance and may not correlate with

the actual returns generated by the Fund's investments.

Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities

Risk

The market prices of zero-coupon, step-ups and payment-in-kind

securities are generally more volatile than the prices of securities that

pay interest periodically and in cash, and are likely to respond to

changes in interest rates to a greater degree than other types of debt

securities with similar maturities and credit quality. Because

zero-coupon securities bear no interest, their prices are especially

volatile and, because zero-coupon bondholders do not receive interest

payments, the prices of zero-coupon securities generally fall more

dramatically than those of bonds that pay interest on a current basis

when interest rates rise. The market for zero-coupon and

payment-in-kind securities may suffer decreased liquidity. In addition, as

these securities may not pay cash interest, the Fund's investment

exposure to these securities and their risks, including credit risk, will

increase during the time these securities are held in the Fund's portfolio.

Further, to maintain its qualification for treatment as a RIC and to avoid

Fund-level U.S. federal income and/or excise taxes, the Fund is required

to distribute to its shareholders any income it is deemed to have

received in respect of such investments, notwithstanding that cash has

not been received currently, and the value of paid-in-kind interest.

Consequently, the Fund may have to dispose of portfolio securities

under disadvantageous circumstances to generate the cash, or may

have to leverage itself by borrowing the cash to satisfy this distribution

requirement. The required distributions, if any, would result in an

increase in the Fund's exposure to these securities. Zero coupon bonds,

step-ups and payment-in-kind securities allow an issuer to avoid or

delay the need to generate cash to meet current interest payments and,

as a result, may involve greater credit risk than bonds that pay interest

currently or in cash. The Fund would be required to distribute the

income on these instruments as it accrues, even though the Fund will

not receive the income on a current basis or in cash. Thus, the Fund may

sell other investments, including when it may not be advisable to do so,

to make income distributions to its shareholders.

Risk Retention Investment Risk

The Fund may invest in risk retention tranches of CMBS or other eligible

securitizations, if any ("risk retention tranches"), which are eligible

residual interests typically held by the sponsors of such securitizations

pursuant to the final rules implementing the credit risk retention

requirements of Section 941 of the Dodd-Frank Act (the "U.S. Risk

Retention Rules"). In the case of CMBS transactions, for example, the

U.S. Risk Retention Rules permit all or a portion of the retained credit

risk associated with certain securitizations (i.e., retained risk) to be held

by an unaffiliated "third party purchaser," such as the Fund, if, among

other requirements, the third-party purchaser holds its retained interest,

unhedged, for at least five years following the closing of the CMBS

transaction, after which it is entitled to transfer its interest in the

securitization to another person that meets the requirements for a

third-party purchaser. Even after the required holding period has

expired, due to the generally illiquid nature of such investments, no

assurance can be given as to what, if any, exit strategies will ultimately

be available for any given position.

In addition, there is limited guidance on the application of the final

U.S. Risk Retention Rules to specific securitization structures. There can

be no assurance that the applicable federal agencies charged with the

implementation of the final U.S. Risk Retention Rules (the Federal

Deposit Insurance Corporation, the Comptroller of the Currency, the

Federal Reserve Board, the SEC, the Department of Housing and Urban

Development, and the Federal Housing Finance Agency) could not take

positions in the future that differ from the interpretation of such rules

taken or embodied in such securitizations, or that the final U.S. Risk

Retention Rules will not change.

Furthermore, in situations where the Fund invests in risk retention

tranches of securitizations structured by third parties, the Fund may be

required to execute one or more letters or other agreements, the exact

form and nature of which will vary (each, a "Risk Retention

Agreement") under which it will make certain undertakings designed to

ensure such securitization complies with the final U.S. Risk Retention

Rules. Such Risk Retention Agreements may include a variety of

representations, warranties, covenants and other indemnities, each of

which may run to various transaction parties. If the Fund breaches any

undertakings in any Risk Retention Agreement, it will be exposed to

claims by the other parties thereto, including for any losses incurred as a

result of such breach, which could be significant and exceed the value of

the Fund's investments.

Subsidiary Risk

To the extent the Fund invests through one or more of its Subsidiaries,

the Fund would be exposed to the risks associated with such

Subsidiary's investments. Such Subsidiaries would likely not be

registered as investment companies under the 1940 Act and therefore

would not be subject to all of the investor protections of the 1940 Act.

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Changes in the laws of the United States and/or the jurisdiction in

which a Subsidiary is organized could result in the inability of the Fund

and/or the Subsidiary to operate as intended and could adversely affect

the Fund.

Portfolio Turnover Risk

The Investment Manager manages the Fund without regard generally to

restrictions on portfolio turnover. The use of futures contracts and other

derivative instruments with relatively short maturities may tend to

exaggerate the portfolio turnover rate for the Fund. Trading in fixed

income securities does not generally involve the payment of brokerage

commissions, but does involve indirect transaction costs. The use of

futures contracts and other derivative instruments may involve the

payment of commissions to futures commission merchants or other

intermediaries. Higher portfolio turnover involves correspondingly

greater expenses to the Fund, including brokerage commissions or

dealer mark-ups and other transaction costs on the sale of securities

and reinvestments in other securities. The higher the rate of portfolio

turnover of the Fund, the higher these transaction costs borne by the

Fund generally will be. Such sales may result in realization of taxable

capital gains (including short-term capital gains, which are generally

taxed to shareholders at ordinary income tax rates when distributed net

of short-term capital losses and net long-term capital losses), and may

adversely impact the Fund's after-tax returns. The realization of

short-term capital gains may also cause adverse tax consequences for

the Fund's shareholders. See "Tax Matters."

Operational Risk

An investment in the Fund, like any fund, can involve operational risks

arising from factors such as processing errors, human errors, inadequate

or failed internal or external processes, failures in systems and

technology, changes in personnel and errors caused by third-party

service providers. The occurrence of any of these failures, errors or

breaches could result in a loss of information, regulatory scrutiny,

reputational damage or other events, any of which could have a

material adverse effect on the Fund. While the Fund seeks to minimize

such events through controls and oversight, there may still be failures

that could cause losses to the Fund.

Market Disruptions Risk

The Fund is subject to investment and operational risks associated with

financial, economic and other global market developments and

disruptions, including those arising from war, military conflicts,

geopolitical disputes, terrorism, social or political unrest, recessions,

supply chain disruptions, tariffs and other restrictions on trade,

sanctions, market manipulation, government interventions, defaults and

shutdowns, political changes or diplomatic developments, public health

emergencies (such as the spread of infectious diseases, pandemics and

epidemics), bank failures, natural/environmental disasters, climate

change and climate related events, which can all negatively impact the

securities markets, interest rates, auctions, secondary trading, ratings,

credit risk, inflation, deflation and other factors relating to the Fund's

investments or the Investment Manager's operations and the value of

an investment in the Fund, its distributions and its returns. These events

can also impair the technology and other operational systems upon

which the Fund's service providers, including PIMCO as the Fund's

investment adviser, rely, and could otherwise disrupt the Fund's service

providers' ability to fulfill their obligations to the Fund. Furthermore,

events involving limited liquidity, defaults, non-performance or other

adverse developments that affect financial institutions or the financial

services industry generally, or concerns or rumors about any events of

these kinds or other similar risks, have in the past and may in the future

lead to market-wide liquidity problems.

Cyber Security Risk

As the use of technology, including cloud-based technology, has

become more prevalent and interconnected in the course of business,

the Fund is potentially more susceptible to operational and information

security risks resulting from breaches in cyber security, including:

processing and human errors, inadequate or failed internal or external

processes, failures in system and technology, errors in algorithms used

with respect to Fund operations and changes in personnel. A breach in

cyber security refers to both intentional and unintentional cyber events

from outside threat actors or internal resources that may, among other

things, cause the Fund to lose proprietary information, suffer data

corruption and/or destruction, lose operational capacity, result in the

unauthorized release or other misuse of confidential information, or

otherwise disrupt normal business operations. Geopolitical tensions can

increase the scale and sophistication of deliberate cybersecurity attacks,

particularly those from nation-states or from entities with nation-state

backing, who may desire to use cybersecurity attacks to cause damage

or create leverage against geopolitical rivals. Cyber security breaches

may involve unauthorized access to the Fund's digital information

systems (e.g., through "hacking" or malicious software coding), and

may come from multiple sources, including outside attacks such as

denial-of-service attacks (i.e., efforts to make network services

unavailable to intended users) or cyber extortion, including exfiltration

of data held for ransom and/or "ransomware" attacks that renders

systems inoperable until the ransom is paid, or insider actions (e.g.,

intentionally or unintentionally harmful acts of PIMCO personnel). In

addition, cyber security breaches involving the Fund's third party service

providers (including but not limited to advisers, sub-advisers,

administrators, transfer agents, custodians, vendors, suppliers,

distributors and other third parties), trading counterparties or issuers in

which the Fund invests can also subject the Fund to many of the same

risks associated with direct cyber security breaches or extortion of

company data. PIMCO's use of cloud-based service providers could

heighten or change these risks. In addition, work-from-home

arrangements by the Fund, the Investment Manager or their service

providers could increase all of the above risks, create additional data

and information accessibility concerns, and make the Fund, the

Investment Manager or their service providers susceptible to operational

disruptions, any of which could adversely impact their operations.

Cyber security failures or breaches may result in financial losses to the

Fund and its shareholders. For example, cyber security failures or

breaches involving trading counterparties or issuers in which the Fund

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invests could adversely impact such counterparties or issuers and cause

the Fund's investment to lose value. These failures or breaches may also

result in disruptions to business operations, potentially resulting in

financial losses; interference with the Fund's ability to calculate its NAV,

process shareholder transactions or otherwise transact business with

shareholders; impediments to trading; violations of applicable privacy

and other laws; regulatory fines; penalties; third-party claims in

litigation; reputational damage; reimbursement or other compensation

costs; additional compliance and cyber security risk management costs

and other adverse consequences. In addition, substantial costs may be

incurred in order to prevent any cyber incidents in the future.

Like with operational risk in general, the Fund has established business

continuity plans and risk management systems designed to reduce the

risks associated with cyber security. However, there are inherent

limitations in these plans and systems, including that certain risks may

not have been identified, in large part because different or unknown

threats may emerge in the future. As such, there is no guarantee that

such efforts will succeed, especially because the Fund does not directly

control the cyber security systems of issuers in which the Fund may

invest, trading counterparties or third-party service providers to the

Fund. Such entities have experienced cyber attacks and other attempts

to gain unauthorized access to systems from time to time, and there is

no guarantee that efforts to prevent or mitigate the effects of such

attacks or other attempts to gain unauthorized access will be successful.

There is also a risk that cyber security breaches may not be detected. The

Fund and its shareholders may suffer losses as a result of a cyber

security breach related to the Fund, its service providers, trading

counterparties or the issuers in which the Fund invests.

Non-Diversification Risk

The Fund is "non-diversified," which means that the Fund may invest a

significant portion of its assets in the securities of a smaller number of

issuers than a diversified fund. Focusing investments in a small number

of issuers increases risk. A fund that invests in a relatively smaller

number of issuers is more susceptible to risks associated with a single

economic, political or regulatory occurrence than a diversified fund

might be. Some of those issuers also may present substantial credit or

other risks. Similarly, the Fund may be subject to increased economic,

business or political risk to the extent that it invests a substantial

portion of its assets in a particular currency, in a group of related

industries, in a particular issuer, in the bonds of similar projects or in a

narrowly defined geographic area outside the U.S. Notwithstanding the

Fund's status as a "non-diversified" investment company under the

1940 Act, the Fund intends to qualify as a regulated investment

company accorded special tax treatment under the Code, which

imposes its own diversification requirements.

Short Exposure Risk

The Fund's short sales and short positions, if any, are subject to special

risks. A short sale involves the sale by the Fund of a security that it does

not own with the hope of purchasing the same security at a later date at

a lower price. The Fund may also enter into a short position through a

forward commitment or a short derivative position through a futures

contract or swap agreement. If the price of the security or derivative has

increased during this time, then the Fund will incur a loss equal to the

increase in price from the time that the short sale was entered into plus

any transaction costs (i.e., premiums and interest) paid to the

broker-dealer to borrow securities. Therefore, short sales involve the risk

that losses may be exaggerated, potentially losing more money than the

actual cost of the investment. By contrast, a loss on a long position

arises from decreases in the value of the security and is limited by the

fact that a security's value cannot decrease below zero. By investing the

proceeds received from selling securities short, the Fund could be

deemed to be employing a form of leverage, which creates special risks.

The use of leverage may increase the Fund's exposure to long security

positions and make any change in the Fund's NAV greater than it would

be without the use of leverage. This could result in increased volatility of

returns. There is no guarantee that any leveraging strategy the Fund

employs will be successful during any period in which it is employed.

In times of unusual or adverse market, economic, regulatory,

environmental or political conditions, the Fund may not be able, fully or

partially, to implement its short selling strategy. Periods of unusual or

adverse market, economic, environmental, regulatory or political

conditions generally may exist for long periods of time. In response to

market events, the SEC and regulatory authorities in other jurisdictions

may adopt (and in certain cases, have adopted) bans on, and/or

reporting requirements for, short sales of certain securities, including

short positions on such securities acquired through swaps. Restrictions

on and/or reporting of short selling and short positions may negatively

impact and materially impair the Fund's ability to execute certain

transactions. Also, there is the risk that the third party to the short sale

or short position will not fulfill its contractual obligations, causing a loss

to the Fund.

Certain Affiliations

Certain broker-dealers may be considered to be affiliated persons of the

Fund and/or the Investment Manager due to their possible affiliations

with Allianz SE, the ultimate parent of the Investment Manager, or

another Allianz entity. Allianz Asset Management of America LP merged

with Allianz Asset Management of America LLC ("Allianz Asset

Management"), with the latter being the surviving entity, effective

January 1, 2023. Following the merger, Allianz Asset Management is

PIMCO's managing member and direct parent entity. Absent an

exemption from the SEC or other regulatory relief, the Fund is generally

precluded from effecting certain principal transactions with affiliated

brokers, and its ability to purchase securities being underwritten by an

affiliated broker or a syndicate including an affiliated broker, or to utilize

affiliated brokers for agency transactions, is subject to restrictions. This

could limit the Fund's ability to engage in securities transactions and

take advantage of market opportunities.

The 1940 Act imposes significant limits on co-investment with affiliates

of the Fund. The Fund has received exemptive relief from the SEC that,

to the extent the Fund relies on such relief, permits it to (among other

things) co-invest alongside certain other persons in privately negotiated

investments, including certain affiliates of the Investment Manager and

certain public or private funds managed by the Investment Manager and

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its affiliates, subject to certain terms and conditions. The exemptive relief

from the SEC with respect to co-investments imposes a number of

conditions on any co-investments made in reliance on such relief that

may limit or restrict the Fund's ability to participate in an investment or

require it to participate in an investment to a lesser extent, which could

negatively impact the Fund's ability to execute its desired investment

strategy and its returns. Subject to applicable law, the Fund may also

invest alongside other PIMCO managed funds and accounts, including

private funds and affiliates of the Investment Manager, without relying

on the exemptive relief. Pursuant to co-investment exemptive relief, to

the extent the Fund relies on such relief, the Fund will be able to invest

in opportunities in which PIMCO and/or its affiliates has an investment,

and PIMCO and/or its affiliates will be able to invest in opportunities in

which a fund has made an investment.

Anti-Takeover Provisions

The Fund's Amended and Restated Agreement and Declaration of Trust,

includes provisions that could limit the ability of other entities or

persons to acquire control of the Fund or to convert the Fund to

open-end status. See "Anti-Takeover and Other Provisions in the

Declaration of Trust and Bylaws."

How the Fund Manages Risk

Hedging and Related Strategies.

The Fund may (but is not required

to) use various investment strategies to seek exposure to foreign

currencies, or attempt to hedge exposure to reduce the risk of price

fluctuations of its portfolio securities, the risk of loss, and to preserve

capital, due to fluctuations in currency exchange rates relative to the

U.S. dollar. See "The Fund's Investment Objective and

Strategies—Portfolio Contents and Other Information—Foreign

Currencies and Related Transactions." The Fund may also purchase

credit default swaps for the purpose of hedging the Fund's credit

exposure to certain issuers and, thereby, seek to decrease its exposure

to credit risk, and it may invest in structured notes or interest rate

futures contracts or swap, cap, floor or collar transactions for the

purpose of reducing the interest rate sensitivity of the Fund's portfolio

and, thereby, seek to decrease the Fund's exposure to interest rate risk.

See "The Fund's Investment Objective and Strategies—Portfolio

Contents and Other Information—Credit Default Swaps," "The Fund's

Investment Objective and Strategies—Portfolio Contents and Other

Information—Structured Notes and Related Instruments" and "The

Fund's Investment Objective and Strategies—Portfolio Contents and

Other Information—Certain Interest Rate Transactions" in this

prospectus. Other derivatives strategies and instruments that the Fund

may use include, without limitation, financial futures contracts; short

sales; other types of swap agreements or options thereon; options on

financial futures; and options based on either an index or individual

debt securities whose prices, PIMCO believes, correlate with the prices

of the Fund's investments. Income earned by the Fund from its hedging

and related transactions may be subject to one or more special

U.S. federal income tax rules that can affect the amount, timing and/or

character of distributions to Common Shareholders. For instance,

income earned by the Fund from its foreign currency hedging activities,

if any, may give rise to ordinary income that, to the extent not offset by

losses from such activities, may be distributed to Common Shareholders

and taxable at ordinary income rates. Therefore, any foreign currency

hedging activities by the Fund can increase the amount of distributions

taxable to Common Shareholders as ordinary income. See "Tax

Matters." There is no assurance that these hedging strategies will be

available at any time or that PIMCO will determine to use them for the

Fund or, if used, that the strategies will be successful. PIMCO may

determine not to engage in hedging strategies or to do so only in

unusual circumstances or market conditions. In addition, the Fund may

be subject to certain restrictions on its use of hedging strategies

imposed by guidelines of one or more regulatory authorities or ratings

agencies that may issue ratings on any preferred shares issued by the

Fund.

Use of Derivatives.

The Fund may use derivative instruments for other

purposes, including to seek to increase liquidity, provide efficient

portfolio management, broaden investment opportunities (including

taking short or negative positions), implement a tax or cash

management strategy, gain exposure to a particular security or segment

of the market, modify the effective duration of the Fund's portfolio

investments and/or enhance total return.

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Management of the Fund

Trustees and Officers

The business of the Fund is managed under the direction of the Fund's Board, including supervision of the duties performed by the Investment

Manager. The Board is currently composed of nine Trustees of the Fund ("Trustees"), seven of whom are not "interested persons" of the Fund (as that

term is defined by Section 2(a)(19) of the 1940 Act). The Trustees meet periodically throughout the year to discuss and consider matters concerning

the Fund and to oversee the Fund's activities, including its investment performance, compliance program and risks associated with its activities. The

names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years

are set forth under "Management of the Fund" in the Statement of Additional Information.

Investment Manager

PIMCO serves as the investment manager for the Fund. Subject to the supervision of the Board, PIMCO is responsible for managing the investment

activities of the Fund and the Fund's business affairs and other administrative matters.

PIMCO is located at 650 Newport Center Drive, Newport Beach, CA 92660. Organized in 1971, PIMCO provides investment management and

advisory services to private accounts of institutional and individual clients and to mutual funds. PIMCO is a majority-owned indirect subsidiary of

Allianz SE, a publicly traded European insurance and financial services company. As of September 30, 2025, PIMCO had approximately $2.20 trillion

in assets under management, including $1.78 trillion in third-party client assets. Assets include $82.1 billion (as of June 30, 2025) in assets managed

by Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH, that includes

PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment

professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO

Prime Real Estate GmbH operates separately from PIMCO.

PIMCO may retain affiliates to provide various administrative and other services required by the Fund.

Investment Management Agreement

Pursuant to an investment management agreement between the Investment Manager and the Fund (the "Investment Management Agreement"), the

Fund has agreed to pay the Investment Manager an annual fee, payable monthly, in an amount equal to 1.30% of the Fund's average daily "total

managed assets." "Total managed assets" means the total assets of the Fund (including assets attributable to any reverse repurchase agreements,

dollar rolls/buybacks, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse

repurchase agreements, dollar rolls/buybacks and borrowings). For purposes of calculating "total managed assets," the liquidation preference of any

preferred shares outstanding is not considered a liability. By way of clarification, with respect to any reverse repurchase agreement, dollar roll or

similar transaction, "total managed assets" include any proceeds from the sale of an asset of the Fund to a counterparty in such a transaction, in

addition to the value of the underlying asset as of the relevant measuring date. Furthermore, to the extent applicable, assets attributable to tender

option bonds would be included as assets irrespective of whether or not they are included as assets for financial reporting purposes. However, to the

extent the Fund does not contribute municipal bonds to a tender option bond trust but holds residual interests issued by such trust, the tender option

bonds outstanding would not be included in the calculation of "total managed assets." In addition, for purposes of calculating "total managed

assets", the Fund's derivative investments will be valued based on their market value.

Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and policy direction in connection with

the management of the Fund, including oral and written research, analysis, advice and statistical and economic data and information. In addition,

under the terms of the Investment Management Agreement, subject to the general supervision of the Board of Trustees, PIMCO provides or causes to

be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund under the unified management

fee, including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including any necessary

coordination among the custodian, transfer agent, dividend disbursing agent, and recordkeeping agent (including pricing and valuation of the Fund),

accountants, attorneys, and other parties performing services or operational functions for the Fund; the provision of adequate personnel, office space,

communications facilities, and other facilities necessary for the effective supervision and administration of the Fund, as well as the services of a

sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are necessary for compliance with

federal securities laws and other applicable laws; the maintenance of the books and records of the Fund; the preparation of all federal, state, local and

foreign tax returns and reports for the Fund; the preparation, filing and distribution of any proxy materials (except as provided below), periodic reports

to shareholders and other regulatory filings; the provision of administrative services to shareholders for the Fund including the maintenance of a

shareholder information telephone number, the provision of certain statistical information and performance of the Fund, an internet website (if

requested), and maintenance of privacy protection systems and procedures; the preparation and filing of such registration statements and other

documents with such authorities as may be required to register a new class of shares of the Fund; the taking of other such actions as may be required

by applicable law (including establishment and maintenance of a compliance program for the Fund); and the provision of administrative services to

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shareholders as necessary, including: the maintenance of a shareholder call center; shareholder transaction processing; the provision of certain

statistical information and performance of the Fund; a web servicing platform and internet website; access by PIMCO representatives to databases to

assist with shareholder inquiries and reports; oversight of anti-money laundering monitoring systems and procedures; repurchase fee application and

monitoring systems (if applicable); anti-market timing monitoring systems and procedures; and processing of client registration applications.

Under the Investment Management Agreement, PIMCO will pay all expenses incurred by it in connection with its obligations under the Investment

Management Agreement with respect to the Fund, with the exception of certain expenses that are assumed by the Fund pursuant to the Investment

Management Agreement. In addition, PIMCO is responsible for the following costs expenses: expenses of all audits by the Fund's independent public

accountants; expenses of the Fund's transfer agent, registrar, dividend disbursing agent, and recordkeeping agent; expenses and fees paid to agents

and intermediaries for sub-transfer agency, sub-accounting and other shareholder services on behalf of shareholders of Shares of the Fund (or Shares

of a particular Share class) held through omnibus and networked, record shareholder accounts (together, "Sub-Transfer Agency Expenses"), except

where Sub-Transfer Agency Expenses are paid pursuant to a Rule 12b-1 or similar plan adopted by the Board; expenses of the Fund's custodial

services, including any recordkeeping services provided by the custodian; expenses of obtaining quotations for calculating the value of the Fund's net

assets; expenses of maintaining the Fund's tax records; certain expenses and fees, including legal fees, incident to meetings of the Fund's

shareholders; certain expenses associated with the preparation, printing and distribution of the Fund's prospectuses, notices and proxy statements,

press releases and reports to existing shareholders; certain expenses associated with the preparation and filing of registration statements and

updates thereto and reports with regulatory bodies; expenses associated with the maintenance of the Fund's existence and qualification to do

business; expenses (including registration fees) of issuing, redeeming and repurchasing (including expenses associated with the Fund's repurchases

pursuant to Rule 23c-3 under the 1940 Act); expenses associated with registering and qualifying for sale Common Shares with federal and state

securities authorities following the initial registration of its Common Shares under the Securities Act (i.e., that are not organizational and offering

expenses of the Fund specified below) and following any registration of a new class of shares of the Fund subsequent to its initial registration; and

the expense of qualifying and listing existing Common Shares with any securities exchange or other trading system; the Fund's ordinary legal fees,

including the legal fees that arise in the ordinary course of business for a Massachusetts business trust, registered as a closed-end management

investment company and, as applicable, that operates as an "interval fund" pursuant to Rule 23c-3 under the 1940 Act, or that is listed for trading

with a securities exchange or other trading system; costs of printing certificates representing Common Shares of the Fund, if any; the Fund's pro rata

portion of the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums; and organizational and offering expenses,

including registration (including share registration) fees, legal, marketing, printing, accounting and other expenses, in connection with any registration

of a new class of shares of the Fund subsequent to its initial registration.

The Fund (and not PIMCO) is responsible for certain fees and expenses that are not covered by the unified management fee under the Investment

Management Agreement. These include salaries and other compensation or expenses, including travel expenses, of any of the Fund's executive

officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates;

taxes and governmental fees, if any, levied against the Fund; brokerage fees and commissions, and other portfolio transaction expenses incurred by or

for the Fund (including, without limitation, fees and expenses of, except as otherwise agreed under the Investment Management Agreement, outside

legal counsel or third-party service providers, agents, operating partners, insurers or consultants retained in connection with insuring, reviewing,

negotiating, structuring, acquiring, disposing of and/or terminating specialized loans and other investments made by the Fund, any costs associated

with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and

liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); expenses of

the Fund's securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; costs,

including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the

Fund of reverse repurchase agreements, dollar rolls/buybacks, bank borrowings, credit facilities and tender option bonds; costs, including dividend

and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to

transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other

securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering,

redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar

rolls/buybacks, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage; fees and expenses of any underlying

funds or other pooled vehicles in which the Fund invests (except as otherwise agreed to between PIMCO and any such fund or vehicle); dividend and

interest expenses on short positions taken by the Fund; fees and expenses, including travel expenses, and fees and expenses of legal counsel retained

for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates;

extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with

litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and

agents with respect thereto; fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and

incident to shareholder meetings and proxy solicitations involving contested elections of Trustees, shareholder proposals or other non-routine matters

that are not initiated or proposed by Fund management; organizational and offering expenses of the Fund, including registration (including Share

registration) fees, legal, marketing, printing, accounting and other expenses, associated with organizing the Fund in its state of jurisdiction and in

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connection with the initial registration of the Fund under the 1940 Act and the initial registration of its Common Shares under the Securities Act (i.e.,

through the effectiveness of the Fund's initial registration statement on Form N-2) and fees and expenses associated with seeking, applying for and

obtaining formal exemptive, no-action and/or other relief from the SEC in connection with the issuance of multiple share classes; except as otherwise

provided as an expense of PIMCO, any expenses allocated or allocable to a specific class of Common Shares, including without limitation sub-transfer

agency expenses and distribution and/or services fees paid pursuant to a Rule 12b-1 or similar plan adopted by the Board for a particular share class;

and expenses of the Fund which are capitalized in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). Without limiting the

generality or scope of the foregoing, it is understood that the Fund may bear such expenses either directly or indirectly through contracts or

arrangements with PIMCO or an affiliated or unaffiliated third party.

PIMCO may earn a profit on the management fee paid by the Fund. Also, under the terms of the Investment Management Agreement, PIMCO, and

not Common Shareholders, would benefit from any price decreases in third-party services, including decreases resulting from an increase in net

assets.

Because the management fee received by PIMCO is based on the average daily total managed assets of the Fund (including assets attributable to any

reverse repurchase agreements, dollar rolls/buybacks, tender option bonds, borrowings and any preferred shares that may be outstanding, if any),

PIMCO has a financial incentive for the Fund to utilize reverse repurchase agreements, dollar rolls/buybacks, tender option bonds and borrowings or

to issue preferred shares, which may create a conflict of interest between PIMCO, on the one hand, and Common Shareholders, on the other hand.

A discussion regarding the basis for the Board's approval of the Investment Management Agreement is available in the Fund's annual report to

shareholders for the fiscal year ended June 30, 2025.

Expense Limitation Agreement

PIMCO has contractually agreed, through November 3, 2026, to waive its management fee, or reimburse the Fund, to the extent that organizational

expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustees' fees exceed 0.07% of the

Fund's average daily net assets. The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice

to the Fund at least 30 days prior to the end of the current term, or unless the Fund terminates the agreement upon 90 days notice of the Fund's

investment management agreement with PIMCO terminates. Under the Expense Limitation Agreement, if, in any month in which the investment

management agreement is in effect, the estimated annualized Specified Expenses for that month are less than the Expense Limit, PIMCO is entitled to

reimbursement by the Fund of any portion of the management fee waived or reduced as set forth above within thirty-six months of the time of the

waiver, provided that such amount paid to PIMCO will not (1) together with the annualized Specified Expenses exceed, for such month, the Expense

Limit; (2) exceed the total Reimbursement Amount; or (3) include any amounts previously reimbursed to PIMCO. For the avoidance of doubt, any

reimbursement of PIMCO's management fee pursuant to the Expense Limitation Agreement plus any recoupment of Specified Expenses will not

exceed the lesser of (i) the expense limit in effect at the time of waiver or reimbursement and (ii) the expense limit in effect at the time of recoupment.

Portfolio Managers

The following individuals share primary responsibility for managing the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Name | Since | Recent Professional Experience |
| Pramol Dhawan | Inception | &nbsp;&nbsp;&nbsp;Managing Director, PIMCO. Mr. Dhawan is a portfolio manager in the New York office. Prior to joining <br>PIMCO in 2013, he was a managing director and head of emerging markets trading for Americas at <br>Société Générale in New York. He was previously based in London where he headed the Central and <br>Eastern Europe emerging markets team for the firm. Additionally, he was a management consultant at <br>Accenture. He has investment experience since 2004 and holds an MBA with a specialization in finance <br>from the Anderson School of Management at the University of California, Los Angeles, and an <br>undergraduate degree in computer science and management studies from the University of Nottingham.<br>|
| Michal Bar | Inception | &nbsp;&nbsp;&nbsp;Executive Vice President, PIMCO. Ms. Bar is a portfolio manager in the London office, focusing on <br>emerging markets (EM) corporate credit. Prior to joining PIMCO in 2019, she was a portfolio manager in <br>the Brevan Howard Macro Fund and a member in the Brevan Howard Emerging Markets Strategies Fund, <br>contributing to the analysis, trading, portfolio construction and management of the EM corporate credit <br>portfolio, as well as leading a team of corporate analysts. Earlier in her career, Ms. Bar held research roles <br>within the main fund of Brevan Howard, with a focus on EM corporate credit and equity. She has <br>investment experience since 2007 and holds an undergraduate degree from Syracuse University.<br>|
| Brian T. Holmes | January 2025 | &nbsp;&nbsp;&nbsp;Senior Vice President, PIMCO. Mr. Holmes is an emerging markets portfolio manager in the New York <br>office. Prior to joining the emerging markets team, Mr. Holmes was a portfolio associate, focusing on <br>insurance and euro low duration and short term portfolios. He has 14 years of investment experience and <br>holds an undergraduate degree from Princeton University.<br>|

---

Please see the Statement of Additional Information for additional information about other accounts managed by the portfolio managers, the portfolio

managers' compensation and the portfolio managers' ownership of shares of the Fund.

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Control Persons

A control person is a person who owns, either directly or indirectly, beneficially more than 25% of the voting securities of a company. As of October 6,

2025, the Fund could be deemed to be under the control of Allianz Fund Investments, Inc. It is anticipated that these parties will each eventually no

longer be a control person of the Fund over time, due to the continuous offering of the Fund's Common Shares. Please see "Securities Ownership" in

the Statement of Additional Information for additional information on any control persons.

Additional Information

The Trustees are responsible generally for overseeing the management of the Fund. The Trustees authorize the Fund to enter into service agreements

with the Investment Manager, the Distributor and other service providers in order to provide, and in some cases authorize service providers to procure

through other parties, necessary or desirable services on behalf of the Fund. Shareholders are not intended to be third-party beneficiaries of such

service agreements.

Neither this prospectus, the Fund's Statement of Additional Information, any contracts filed as exhibits to the Fund's registration statement, nor any

other communications or disclosure documents from or on behalf of the Fund creates a contract between a shareholder of the Fund and the Fund, a

service provider to the Fund, and/or the Trustees or officers of the Fund. The Trustees may amend this prospectus, the Statement of Additional

Information, and any other contracts to which the Fund is a party, and interpret the investment objective, policies, restrictions and contractual

provisions applicable to the Fund without shareholder input or approval, except in circumstances in which shareholder approval is specifically required

by law (such changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in this prospectus or

the Statement of Additional Information.

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Plan of Distribution

PIMCO Investments LLC, an affiliate of PIMCO, is the principal

underwriter and distributor of the Fund's Common Shares pursuant to a

distribution contract (the "Distribution Contract") with the Fund. The

Distributor, located at 1633 Broadway, New York, New York 10019, is a

broker-dealer registered with the SEC and is a member of the Financial

Industry Regulatory Authority ("FINRA"). The Distributor is a wholly

owned subsidiary of PIMCO and an indirect subsidiary of Allianz Asset

Management. The Distributor does not participate in the distribution of

non-PIMCO managed registered fund products.

The Distributor acts as the distributor of Common Shares for the Fund on

a best efforts basis, subject to various conditions, pursuant to the terms

of the Distribution Contract. The Distributor is not obligated to sell any

specific amount of Common Shares of the Fund.

Common Shares of the Fund are continuously offered through the

Distributor. As discussed below, the Fund may authorize one or more

intermediaries (e.g., broker-dealers and other financial firms) to receive

orders on its behalf. The Common Shares will be offered at NAV per

share (plus any applicable sales load) calculated each regular business

day. Please see "How Fund Shares are Priced" below.

The Fund and the Distributor have the sole right to accept orders to

purchase Common Shares and reserve the right to reject any order in

whole or in part.

The Fund's Common Shares are not listed for trading on any securities

exchange. There is currently no secondary market for the Fund's Common

Shares and the Fund does not anticipate that a secondary market will

develop for its Common Shares. Investors should consider Common

Shares of the Fund to be an illiquid investment. Neither the Investment

Manager nor the Distributor intends to make a market in the Fund's

Common Shares.

The Fund has agreed to indemnify the Distributor and certain of the

Distributor's affiliates against certain liabilities, including certain

liabilities arising under the Securities Act. To the extent consistent with

applicable law, the Distributor has agreed to indemnify the Fund and

each Trustee against certain liabilities under the Securities Act, and in

connection with the services rendered to the Fund.

Share Classes

The Fund has adopted a Multi-Class Plan pursuant to Rule 18f-3 under

the 1940 Act. Although the Fund is not an open-end investment

company, it has undertaken to comply with the terms of Rule 18f-3 as a

condition of an exemptive order under the 1940 Act which permits it to

have, among other things, a multi-class structure and distribution and

shareholder servicing fees. Under the Multi-Class Plan, shares of each

class of the Fund represent an equal pro rata interest in the Fund and,

generally, have identical voting, dividend, liquidation, and other rights,

preferences, powers, restrictions, limitations, qualifications and terms and

conditions, except that: (a) each class has a different designation; (b)

each class of shares bears any class-specific expenses; and (c) each class

shall have separate voting rights on any matter submitted to

shareholders in which the interests of one class differ from the interests

of any other class, and shall have exclusive voting rights on any matter

submitted to shareholders that relates solely to that class.

This Prospectus offers five separate classes of Common Shares:

Institutional Class, Class A-1, Class A-2, Class A-3 and Class A-4. Each

share class represents an investment in the same portfolio of

investments, but each class has its own expense structure and

arrangements for shareholder services or distribution, which allows you

to choose the class that best fits your situation and eligibility

requirements.

■

Institutional Class Common Shares are offered for investment to

investors such as pension and profit sharing plans, employee

benefit trusts, endowments, foundations, corporations, and

individuals that can meet the minimum investment. Institutional

Class Common Shares may also be offered through certain

financial firms (including through retail separately managed

accounts (i.e., wrap accounts) managed by PIMCO) that charge

their customers transaction or other fees with respect to their

customers' investments in the Fund.

■

Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares are

not available for purchase directly from the Distributor and are

primarily offered and sold to retail investors by certain

broker-dealers which are members of FINRA and which have

agreements with the Distributor to sell Class A-1, Class A-2,

Class A-3 or Class A-4 Common Shares, but may be made

available through other financial firms, including banks and trust

companies and to specified benefit plans and other retirement

accounts.

Individual shareholders who hold Common Shares through financial

intermediaries, pensions or profit sharing plans may not be eligible to

hold Common Shares of the Fund outside of their respective financial

intermediary platform or plan.

Class A-1, Class A-2, Class A-3 and Class A-4 Distribution and

Servicing Plans

The Fund has adopted separate Distribution and Servicing Plans for the

Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares of the

Fund. Each Distribution and Servicing Plan operates in a manner

consistent with Rule 12b-1 under the 1940 Act, which regulates the

manner in which an open-end investment company may directly or

indirectly bear the expenses of distributing its shares. Although the Fund

is not an open-end investment company, it has undertaken to comply

with the terms of Rule 12b-1 as a condition of an exemptive order under

the 1940 Act which permits it to have, among other things, a multi-class

structure and distribution and shareholder servicing fees. Each

Distribution and Servicing Plan permits the Fund to compensate the

Distributor for providing or procuring through financial firms,

distribution, administrative, recordkeeping, shareholder and/or related

services with respect to the Class A-1, Class A-2, Class A-3 or Class A-4

Common Shares, as applicable. Most or all of the distribution and/or

service fees are paid to financial firms through which Common

Shareholders may purchase or hold Class A-1, Class A-2, Class A-3 and

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Class A-4 Common Shares, as applicable. Because these fees are paid

out of the applicable share class's assets on an ongoing basis, over time

they will increase the cost of an investment in Class A-1, Class A-2,

Class A-3 or Class A-4 Common Shares and may cost you more than

other types of sales charge.

The maximum annual rates at which the distribution and/or servicing

fees may be paid under the Distribution and Servicing Plan for Class A-1

and Class A-2 Common Shares (calculated as a percentage of the Fund's

average daily net assets attributable to the Class A-1 Common Shares

and Class A-2 Common Shares) is 0.50%.

The maximum annual rates at which the distribution and/or servicing

fees may be paid under the Distribution and Servicing Plan for Class A-3

and Class A-4 Common Shares (calculated as a percentage of the Fund's

average daily net assets attributable to the Class A-3 Common Shares

and Class A-4 Common Shares) is 0.75%.

Servicing Arrangements

The Fund's Common Shares may be available through certain

broker-dealers, banks, trust companies, insurance companies and other

financial firms that have entered into selling and/or shareholder servicing

arrangements with respect to the Fund. A financial firm is one that, in

exchange for compensation, sells, among other products, registered

investment company shares (including the shares offered in this

prospectus) or provides services for registered investment company

shareholders.

These financial firms provide varying investment products, programs,

platforms and accounts, through which investors may purchase Common

Shares of the Fund. Selling and/or shareholder servicing arrangements

typically include processing orders for shares, generating account and

confirmation statements, sub-accounting, account maintenance, tax

reporting, collecting and posting distributions to investor accounts and

disbursing cash dividends as well as other investment or administrative

services required for the particular firm's products, programs, platform

and accounts. These financial firms may impose additional or different

conditions than the Fund on purchases of Common Shares. They may

also independently establish and charge their customers or program

participants transaction fees, account fees and other amounts in

connection with purchases of Common Shares in addition to any fees

imposed by the Fund. These additional fees may vary and over time could

increase the cost of an investment in the Fund and lower investment

returns. Each financial firm is responsible for transmitting to its

customers and program participants a schedule of any such fees and

information regarding any additional or different conditions regarding

purchases. Shareholders who are customers of these financial firms or

participants in programs serviced by them should contact the financial

firm for information regarding these fees and conditions.

PIMCO and/or its affiliates may make payments to financial firms for the

shareholder services provided. These payments are made out of PIMCO's

or its affiliates' resources, including the management fees paid to PIMCO

under the Fund's Investment Management Agreement. The actual

services provided by these firms, and the payments made for such

services, vary from firm to firm and, in some instances, vary with respect

to a single firm according to investment channel. The payments are based

on a fixed dollar amount for each account and position maintained by

the financial firm and/or a percentage of the value of shares held by

investors through the firm. Please see the Statement of Additional

Information for more information.

These payments may be material to financial firms relative to other

compensation paid by the Fund, PIMCO and/or its affiliates (as

applicable) and may be in addition to other fees and payments, such as

distribution and/or service fees (12b-1), revenue sharing or "shelf space"

fees and event support, other non-cash compensation and charitable

contributions paid to or at the request of such firms (described below).

Also, the payments may differ depending on the share class or

investment channel and may vary from amounts paid to the Fund's

transfer agent for providing similar services to other accounts. PIMCO

and/or its affiliates do not control these financial firms' provision of the

services for which they are receiving payments.

Other Payments to Financial Firms

Some or all of the sales charges, distribution fees and servicing fees

described above are paid or "reallowed" to the financial firm, including

their financial professionals through which you purchase your shares.

Revenue Sharing/Marketing Support.

The Distributor or PIMCO

(for purposes of this subsection only, collectively, "PIMCO") make

payments and provide other incentives to financial firms as

compensation for services such as providing the Fund with "shelf space,"

or a higher profile for the financial firms' financial professionals and their

customers, placing the Fund on the financial firms' preferred or

recommended fund list, granting PIMCO access to the financial firms'

financial professionals and furnishing marketing support and other

specified services. These payments may be significant to the financial

firms.

A number of factors are considered in determining the amount of these

additional payments to financial firms. On some occasions, such

payments may be conditioned upon levels of sales, including the sale of a

specified minimum dollar amount of the shares of the Fund and/or other

funds sponsored by PIMCO together or a particular class of shares,

during a specified period of time. PIMCO also makes payments to one or

more financial firms based upon factors such as the amount of assets a

financial firm's clients have invested in the Fund and the quality of the

financial firm's relationship with PIMCO and/or its affiliates.

The additional payments described above are made from PIMCO's (or its

affiliates') own assets (and sometimes, therefore referred to as "revenue

sharing") pursuant to agreements with financial firms and do not

change the price paid by investors for the purchase of the Fund's shares

or the amount the Fund will receive as proceeds from such sales. These

payments may be made to financial firms (as selected by PIMCO) that

have sold significant amounts of shares of the Fund or other funds

sponsored by PIMCO. In certain cases, the payments described in the

preceding sentence may be subject to minimum payment levels or vary

based on the management fee or total expense ratio of the Fund. In lieu

of payments pursuant to the foregoing terms, PIMCO makes, in certain

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instances, payments of an agreed upon amount which normally will not

exceed the amount that would have been payable pursuant to the

formula as of the effective date of the agreement.

Ticket Charges.

In addition to the payments described above, PIMCO

makes payments to financial firms in connection with certain transaction

fees (also referred to as "ticket charges") incurred by the financial firms.

Event Support; Other Non-Cash Compensation; Charitable

Contributions.

In addition to the payments described above, PIMCO

pays and/or reimburses, at its own expense, financial firms' sponsorship

and/or attendance at conferences, seminars or informational meetings

(which may include events held through video technology, to the extent

permitted by applicable regulation) ("event support"), provides financial

firms or their personnel with occasional tickets to events or other

entertainment (which, in some instances, is held virtually), meals and

small gifts and pays or provides reimbursement for reasonable travel and

lodging expenses for attendees of PIMCO educational events ("other

non-cash compensation"), and makes charitable contributions to valid

charitable organizations at the request of financial firms ("charitable

contributions") to the extent permitted by applicable law, rules and

regulations.

Visits; Training; Education.

In addition to the payments described

above, wholesale representatives and employees of PIMCO or its

affiliates visit financial firms on a regular basis to educate financial

professionals and other personnel about the Fund and to encourage the

sale or recommendation of Fund shares to their clients. PIMCO may also

provide (or compensate consultants or other third parties to provide)

other relevant training and education to a financial firm's financial

professionals and other personnel.

Platform Support; Consultant Services.

PIMCO also may make

payments or reimbursements to financial firms or their affiliated

companies, which may be used for their platform development,

maintenance, improvement and/or the availability of services including,

but not limited to, platform education and communications, relationship

management support, development to support new or changing

products, eligibility for inclusion on sample fund line-ups, trading or order

taking platforms and related infrastructure/technology and/or legal, risk

management and regulatory compliance infrastructure in support of

investment-related products, programs and services (collectively,

"platform support"). PIMCO may also make payments to third party law

firms or other service providers that provide certain due diligence

services to financial firms with respect to the Fund and/or PIMCO in

connection with such financial firm determining whether to include the

Fund on its platform. Subject to applicable law, PIMCO and its affiliates

may also provide investment advisory services to financial firms and their

affiliates and may execute brokerage transactions on behalf of the Fund

with such financial firms' affiliates. These financial firms or their affiliates

may, in the ordinary course of their financial firm business, recommend

that their clients utilize PIMCO's investment advisory services or invest in

the Fund or in other products sponsored or distributed by PIMCO or its

affiliates. Some platform support arrangements also may entitle the

Distributor or PIMCO to ancillary benefits such as reduced fees to attend

a financial firm's event or conference or elimination of one-time setup

fees, such as CUSIP charges that financial firms otherwise may charge. In

addition, PIMCO may pay investment consultants or their affiliated

companies for certain services including technology, operations, tax, or

audit consulting services and may pay such firms for PIMCO's attendance

at investment forums sponsored by such firms (collectively, "consultant

services").

Data.

PIMCO also may make payments or reimbursements to financial

firms or their affiliated companies for various studies, surveys, industry

data, research and information about, and contact information for,

particular financial professionals who have sold, or may in the future sell,

shares of the Fund or other PIMCO-advised funds (i.e., "data"). Such

payments may relate to assets a financial firm's clients have invested in

the Fund or other PIMCO-advised funds.

Payments.

Payments for items including event support, platform

support, data and consultant services (but not including certain account

services), as well as revenue sharing, are, in certain circumstances,

bundled and allocated among these categories in PIMCO's discretion.

Portions of such bundled payments allocated by PIMCO to revenue

sharing shall remain subject to the percentage limitations on revenue

sharing payments disclosed above. The financial firms receiving such

bundled payments may characterize or allocate the payments differently

from PIMCO's internal allocation. In addition, payments made by PIMCO

to a financial firm and allocated by PIMCO to a particular category of

services can in some cases result in benefits related to, or enhance the

eligibility of, PIMCO or the Fund to receive, services provided by the

financial firm that may be characterized or allocated to one or more

other categories of services. If investment advisers, distributors or

affiliated persons of funds make payments and provide other incentives

in differing amounts, financial firms and their financial professionals may

have financial incentives for recommending a particular fund over other

funds. In addition, depending on the arrangements in place at any

particular time, a financial firm and its financial professionals also may

have a financial incentive for recommending a particular share class over

other share classes.

A shareholder who holds Fund Common

Shares through a financial firm should consult with the

shareholder's financial professional and review carefully any

disclosure by the financial firm as to its compensation received

by the financial professional.

Although the Fund may use financial

firms that sell Fund Common Shares to effect transactions for the Fund's

portfolio, the Fund and PIMCO will not consider the sale of Fund

Common Shares as a factor when choosing financial firms to effect those

transactions. For further details about payments made by PIMCO to

financial firms, please see the Statement of Additional Information.

Purchasing Shares

The following section provides basic information about how to purchase

Common Shares of the Fund.

The Fund typically offers and sells its shares to U.S. residents, and may

offer and sell its shares to certain non-U.S. investment companies

operating as "feeder funds". The Fund may also offer and sell its shares

directly or indirectly to other non-U.S. residents from time to time,

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including in private transactions. For purposes of this policy, a

U.S. resident is defined as an account with (i) a U.S. address of record

and (ii) all account owners residing in the U.S. at the time of sale.

If you are eligible to buy Institutional Class Common Shares as well as

either Class A-1, Class A-2, Class A-3 or Class A-4 Common Shares, you

should buy Institutional Class Common Shares because Class A-2 and

Class A-4 Common Shares may be subject to sales charges, and each of

Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares will pay

an annual distribution and/or service fee.

Individual shareholders who purchase Common Shares through financial

intermediaries, pensions or profit sharing plans may not be eligible to

hold Common Shares outside of their respective plan or financial

intermediary platform. Certain broker-dealers with agreements with the

distributor are authorized to receive purchase and repurchase requests

for transmission to the Fund and in some cases may designate other

financial intermediaries to receive such orders.

Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares

Eligible investors may purchase Class A-1, Class A-2, Class A-3 and

Class A-4 Common Shares through their broker-dealer or other financial

firm. Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares are

not available for purchase directly from the Distributor.

■

Through your broker-dealer or other financial firm.

Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares are

primarily offered and sold to retail investors by certain

broker-dealers that are members of FINRA and that have

agreements with the distributor to offer Class A-1, Class A-2,

Class A-3 or Class A-4 Common Shares, but may be made

available through other financial firms, including banks and trust

companies and to specified benefit plans and other retirement

accounts. Your broker-dealer or other financial firm may establish

different minimum investment requirements than the Fund and

may also independently charge you transaction or other fees and

additional amounts (which may vary) in return for its services,

which will reduce your return. Shares you purchase through your

broker-dealer or other financial firm will normally be held in your

account with that firm and instructions for buying, selling,

exchanging or transferring Class A-1, Class A-2, Class A-3 or

Class A-4 Common Shares must be submitted by your

broker-dealer or other financial firm on your behalf.

Institutional Class Common Shares.

Eligible investors may purchase Institutional Class Common Shares in the

following ways:

■

Through your broker-dealer or other financial firm.

Institutional Class Common Shares may be offered through certain

financial firms (including through retail separately managed

accounts (i.e., wrap accounts) managed by PIMCO) that charge

their customers transaction or other fees with respect to their

customers' investments in the Fund. Your broker-dealer or other

financial firm may establish higher or lower minimum investment

requirements than the Fund and may also independently charge

you transaction or other fees and additional amounts (which may

vary) in return for its services, which will reduce your return. Shares

you purchase through your broker-dealer or other financial firm

will normally be held in your account with that firm. If you

purchase shares through a broker-dealer or other financial firm,

instructions for buying, selling, exchanging or transferring

Institutional Class Common Shares must be submitted by your

financial firm or broker-dealer on your behalf.

■

Through the Distributor.

You should discuss your investment with your financial advisor

before you make a purchase to be sure the Fund is appropriate for

you. Investors who meet the minimum investment amount and

wish to invest directly in Institutional Class Common Shares may

obtain an Account Application online at pimco.com/forms or by

calling 844.312.2113. If you do not list a financial advisor and

his/her brokerage firm on the Account Application, the Distributor

is designated as the broker of record, but solely for purposes of

acting as your agent to purchase shares.

The completed Account Application may be submitted using the

following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Facsimile: 844.643.0432

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Overnight Mail:

PIMCO Interval Funds

801 Pennsylvania Avenue

Suite 219993

Kansas City, MO 64105-1307

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Regular Mail:

PIMCO Interval Funds

P.O. Box 219993

Kansas City, MO 64121-9993

E-mail: PIMCOAltProcessing@SSCInc.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For inquiries, please call 844.312.2113.

Payment for the purchase of Common Shares may be made by check

payable to the PIMCO Interval Funds and sent to the Regular Mail

address above; or by wiring federal funds to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

PIMCO Interval Funds

United Missouri Bank

928 Grand Blvd

Kansas City, MO 64106

ABA 101000695

DDA 9872291743

ACCT: Your PIMCO Account Number

FFC: Shareholder Name and Fund Identifier

Before wiring federal funds, the investor must provide order instructions

to the transfer agent by facsimile at 844.643.0432 or by e-mail at

PIMCOAltProcessing@SSCInc.com. Under normal circumstances, in order

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------

to receive the current day's NAV, order instructions must be received in

good order prior to the close of regular trading on the New York Stock

Exchange ("NYSE") (normally 4:00 p.m., Eastern time) ("NYSE Close").

Instructions must include the name and signature of an authorized

person designated on the Account Application ("Authorized Person"),

account name, account number, name of the Fund and dollar amount.

Payments received without order instructions could result in a processing

delay or a return of wire. Failure to send the accompanying payment on

the same day may result in the cancellation of the order.

An investor may place a purchase order for Common Shares without first

wiring federal funds if the purchase amount is to be derived from an

advisory account managed by PIMCO or one of its affiliates, or from an

account with a broker-dealer or other financial firm that has established

a processing relationship with the Fund on behalf of its customers

Investment Minimums

■

Class A-1, Class A-2, Class A-3 and Class A-4 Common

Shares.

The following investment minimums apply for purchases

of Class A-1, Class A-2, Class A-3 and Class A-4 Common Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Initial Investment | Subsequent Investments |
| $2,500 per account | $50 |

---

■

Institutional Class Common Shares.

The following

investment minimums apply for purchases of Institutional

Class Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Initial Investment | Subsequent Investments |
| $1 million per account |  |

---

The initial investment minimums may be modified for certain financial

firms that submit orders on behalf of their customers, including retail

investors in separately managed accounts (i.e., wrap accounts) managed

by PIMCO. The Fund or the Distributor may lower or waive the minimum

initial investment for certain classes of shares or categories of investors

at their discretion. The minimum initial investment may also be modified

for the Trustees and certain employees and their extended family

members of PIMCO and its affiliates. For these purposes, "extended

family members" shall include such person's spouse or domestic partner,

as recognized by applicable state law, children, siblings, current

brother/sister-in-laws, parents, and current father/mother-in-laws. Please

see the Statement of Additional Information for details.

■

Additional Investments.

An investor may purchase additional

Institutional Class Common Shares of the Fund at any time by

sending a facsimile or e-mail as outlined above. If you invest in

Common Shares through a broker-dealer, contact your financial

firm for information on purchasing additional Common Shares.

■

Other Purchase Information.

Purchases of the Fund's

Common Shares will be made in full and fractional shares.

The Fund and the Distributor each reserves the right, in its sole

discretion, to suspend the offering of shares of the Fund or to reject any

purchase order, in whole or in part for reasons such as compliance with

anti-money laundering or sanctions obligations and requirements.

In the interest of economy and convenience, certificates for shares will

not be issued.

Sales Charge - Class A-2 and Class A-4 Common Shares

This section includes important information about sales charge reduction

programs available to investors in Class A-2 and/or Class A-4 Common

Shares of the Fund and describes information or records you may need to

provide to the Distributor or your financial firm in order to be eligible for

sales charge reduction programs.

Unless you are eligible for a waiver, the public offering price you pay

when you buy Class A-2 or Class A-4 Common Shares of the Fund is the

NAV of the shares plus an initial sales charge. The initial sales charge

varies depending upon the size of your purchase, as set forth below. No

sales charge is imposed where Class A-2 or Class A-4 Common Shares

are issued to you pursuant to the automatic reinvestment of income

dividends or capital gains distributions. For investors investing in

Class A-2 or Class A-4 Common Shares of the Fund through a financial

intermediary, it is the responsibility of the financial intermediary to

ensure that you obtain the proper "breakpoint" discount.

Because the offering price is calculated to two decimal places, the dollar

amount of the sales charge as a percentage of the offering price and

your net amount invested for any particular purchase of Fund shares may

be higher or lower depending on whether downward or upward

rounding was required during the calculation process.

Class A-2 and Class A-4 Common Shares are subject to a 3.00%

maximum sales charge as a percentage of the offering price (3.09% as a

percentage of net amount invested).

Class A-2 Common Shares are subject to the following sales

charge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Your Investment | &nbsp;&nbsp;As a % of<br>Public Offering Price<br>| &nbsp;&nbsp;As a % of Net<br>Amount Invested<br>|
| Less than $100,000 | 2.00%<br>(1)<br>| 2.04%<br>(1)<br>|
| $100000 - $249999.99 | 1.00% | 1.01% |
| $250,000 and over | 0.00%<br>(2)<br>| 0.00%<br>(2)<br>|

---

Although the Fund is permitted to charge a maximum sales charge of 3.00%, the Fund

has elected to currently charge a maximum sales charge of 2.00%.

As shown, investors that purchase $250,000 or more of the Fund's Class A-2 Common

Shares will not pay any initial sales charge on the purchase. However, unless eligible for

a waiver, purchases of $250,000 or more of Class A-2 Common Shares will be subject

to an early withdrawal charge of 1.00% if the shares are repurchased during the first

12 months after their purchase. See "Early Withdrawal Charges - Class A-2 and

Class A-4 Common Shares" and "Sales at Net Asset Value" below.

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\| Interval Funds

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Prospectus

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Class A-4 Common Shares are subject to the following sales

charge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Your Investment | &nbsp;&nbsp;As a % of<br>Public Offering Price<br>| &nbsp;&nbsp;As a % of Net<br>Amount Invested<br>|
| Less than $100,000 | 2.00%<br>(1)<br>| 2.04%<br>(1)<br>|
| $100000 - $249999.99 | 1.00% | 1.01% |
| $250,000 and over | 0.00%<br>(2)<br>| 0.00%<br>(2)<br>|

---

Although the Fund is permitted to charge a maximum sales charge of 3.00%, the Fund

has elected to currently charge a maximum sales charge of 2.00%.

As shown, investors that purchase $250,000 or more of the Fund's Class A-4 Common

Shares will not pay any initial sales charge on the purchase. However, unless eligible for

a waiver, purchases of $250,000 or more of Class A-4 Common Shares will be subject

to an early withdrawal charge of 1.00% if the shares are repurchased during the first

12 months after their purchase. See "Early Withdrawal Charges - Class A-2 and

Class A-4 Common Shares" and "Sales at Net Asset Value" below.

Investors in the Fund may reduce or eliminate sales charges applicable to

purchases of Class A-2 or Class A-4 shares through utilization of the

Combined Purchase Privilege, Right of Accumulation, Letter of Intent or

Reinstatement Privilege. These programs will apply to purchases of

closed-end interval funds that PIMCO sponsors currently or in the future

(collectively, "Eligible Funds"), which offer Class A-1, Class A-2,

Class A-3 and/or Class A-4 common shares. These programs are

summarized below and described in the Statement of Additional

Information. Eligible Funds do not include any open-end funds

sponsored by PIMCO.

Combined Purchase Privilege and Right of Accumulation

(Breakpoints).

A Qualifying Investor (as defined below) may qualify

for a reduced sales charge on Class A-2 or Class A-4 Common Shares at

the breakpoint levels disclosed herein by combining concurrent

purchases of the Class A-1, Class A-2, Class A-3 and/or Class A-4

common shares of one or more Eligible Funds into a single purchase (the

"Combined Purchase Privilege"). In addition, a Qualifying Investor may

obtain a reduced sales charge on Class A-2 or Class A-4 Common Shares

of the Fund by adding the purchase value of Class A-1, Class A-2,

Class A-3 and/or Class A-4 common shares of an Eligible Fund with the

current aggregate net asset value of all Class A-1, Class A-2, Class A-3

and/or Class A-4 common shares of any Eligible Fund held by accounts

for the benefit of such Qualifying Investor (the "Right of Accumulation"

or "Cumulative Quantity Discount").

The term "Qualifying Investor" refers to:

1. an individual, such individual's spouse or domestic partner, as recognized by applicable

state law, or such individual's children under the age of 21 years (each a "family

member") (including family trust\* accounts established by such a family member); or

2. a trustee or other fiduciary for a single trust (except family trusts\* noted above), estate

or fiduciary account although more than one beneficiary may be involved; or

3. an employee benefit plan of a single employer.

\*

For these purposes, a "family trust" is one in which a family member, as defined in

section (1) above, or a direct lineal descendant(s) of such person is/are the

beneficiary(ies), and such person or another family member, direct lineal ancestor or

sibling of such person is/are the trustee(s).

While a shareholder's positions in Class A-1 and Class A-3 common

shares of other Eligible Funds are accounted for with respect to reaching

a breakpoint level on purchases of Class A-2 or Class A-4 common

shares of any Eligible Fund, because neither the Eligible Funds nor their

distributor impose an initial sales charge on Class A-1 and Class A-3

common shares of other Eligible Funds, the Combined Purchase Privilege

and Right of Accumulation programs do not apply to these share classes.

Class A-1 and Class A-3 common shares of other Eligible Funds that

count towards reaching a breakpoint level on purchases of Class A-2 or

Class A-4 common shares of any Eligible Fund through the Combined

Purchase Privilege and Right of Accumulation programs are still subject

to transaction or other fees that may be charged by certain financial

firms, as those programs do not impact the imposition of such fees.

Letter of Intent.

Investors may also obtain a reduced sales charge on

purchases of Class A-2 and/or Class A-4 Common Shares of the Fund by

means of a written Letter of Intent which expresses an intent to invest

not less than $250,000 within a period of 13 months in Class A-1,

Class A-2, Class A-3 and/or Class A-4 common shares of any Eligible

Fund(s). The maximum intended investment allowable in a Letter of

Intent is $250,000. Each purchase of shares under a Letter of Intent will

be made at the public offering price or prices applicable at the time of

such purchase to a single purchase of the dollar amount indicated in the

Letter of Intent. The value of the investor's account(s) linked to a Letter of

Intent will be included at the start date of the Letter of Intent. A Letter of

Intent is not a binding obligation to purchase the full amount indicated.

Shares purchased with the first 5% of the amount indicated in the Letter

of Intent will be held in escrow (while remaining registered in your name)

to secure payment of the higher sales charges applicable to the shares

actually purchased in the event the full intended amount is not

purchased. If the full amount indicated is not purchased, a sufficient

amount of such escrowed shares will be involuntarily repurchased to pay

the additional sales charge applicable to the amount actually purchased,

if necessary. Dividends on escrowed shares, whether paid in cash or

reinvested in additional Eligible Fund shares, are not subject to escrow.

When the full amount indicated has been purchased, the escrow will be

released. Repurchases during the Letter of Intent period will not count

against the shareholder.

In making computations concerning the amount purchased for purposes

of a Letter of Intent, market appreciation in the value of the

shareholder's Class A-1, Class A-2, Class A-3 and/or Class A-4 common

shares of Eligible Funds will not be included.

Method of Valuation of Accounts.

To determine whether a shareholder

qualifies for a reduction in sales charge on a purchase of Class A-2

and/or Class A-4 Common Shares of the Fund, the public offering price

of the shares is used for purchases relying on the Combined Purchase

Privilege or a Letter of Intent and the amount of the total current

purchase (including any sales load) plus the NAV (at the close of

business on the day of the current purchase) of shares previously

acquired is used for the Right of Accumulation (Cumulative Quantity

Discount).

Reinstatement Privilege.

A Class A-2 or Class A-4 shareholder who

has caused any or all of his or her shares to be repurchased may reinvest

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Prospectus

------

Interval Funds

------

all or any portion of the repurchase proceeds in Class A-1, Class A-2,

Class A-3 and/or Class A-4 common shares of any Eligible Fund at NAV

without any sales charge, provided that such reinvestment is made

within 120 calendar days after the repurchase date. The limitations and

restrictions of this program are fully described in the Statement of

Additional Information.

Sales at Net Asset Value.

In addition to the programs summarized

above, Class A-2 and Class A-4 Common Shares, which are available for

purchase only through a broker-dealer or other financial firm, may be

sold at NAV without an initial sales charge to certain types of accounts

or account holders, including: current or former Trustees, officers and

employees of the Fund or PIMCO, and by directors, officers and current or

former employees of the Distributor or certain of PIMCO's affiliates if the

account was established while employed; purchases made through wrap

accounts or certain types of group omnibus plans sponsored by

employers, professional or charitable organizations; investors engaging

in certain transactions related to IRAs or other qualified retirement plan

accounts; retirement plans that are maintained or sponsored by financial

firms, provided the financial firms have entered into an agreement with

the Distributor related to such plans; investors making certain purchases

following the announcement of the liquidation of the Fund or a share

class; and any other person for which the Distributor determines that

there will be minimal cost borne by the Distributor associated with the

sale. Please see the Statement of Additional Information for additional

details.

Exchanges.

Exchanges of Common Shares for Class A-2 or Class A-4

Common Shares of the Fund or Class A-2 and/or Class A-4 common

shares of other Eligible Funds, at the direction of a financial intermediary

(as described under "Exchanging Shares" below) will not be subject to a

sales charge.

Early Withdrawal Charges - Class A-2 and Class A-4 Common

Shares

Unless you are eligible for a waiver as described under "Sales at Net

Asset Value," if you purchase $250,000 or more of Class A-2 or

Class A-4 Common Shares (and, thus, pay no initial sales charge) of the

Fund, you will be subject to a 1% early withdrawal charge ("EWC") if

your Class A-2 or Class A-4 Common Shares are repurchased within

12 months of their purchase. The Class A-2 and Class A-4 EWCs do not

apply if you are otherwise eligible to purchase Class A-2 or Class A-4

Common Shares without an initial sales charge or are eligible for a

waiver of the EWC.

How EWCs will be Calculated

An EWC is imposed on repurchases of Class A-2 and Class A-4 Common

Shares on the amount of the repurchase which causes the current value

of your account for the particular class of Common Shares of the Fund to

fall below the total dollar amount of your purchase payments subject to

the EWC.

The following rules apply under the method for calculating EWCs:

■

Common Shares acquired through the reinvestment of dividends

or capital gains distributions will be repurchased first and will not

be subject to any EWC.

■

For the repurchase of all other Common Shares, the EWC will be

based on either your original purchase price or the then current

NAV of the Common Shares being sold, whichever is lower. To

illustrate this point, consider Common Shares purchased at an

NAV of $10. If the Fund's NAV per Common Share at the time of

repurchase is $12, the EWC will apply to the purchase price of

$10. If the NAV per Common Share at the time of repurchase is

$8, the EWC will apply to the $8 current NAV per Common Share.

■

EWCs will be deducted from the proceeds of your repurchase, not

from amounts remaining in your account.

■

In determining whether an EWC is payable, it is assumed that you

will have submitted for repurchase first the lot of Common Shares

which will incur the lowest EWC.

Reductions and Waivers of Initial Sales Charges and EWCs

The initial sales charges and EWCs on Class A-2 or Class A-4 Common

Shares may be reduced or waived under certain purchase arrangements

and for certain categories of investors. See "Sales at Net Asset Value"

above for information on such reductions or waivers that may be

applicable to Class A-2 and Class A-4 initial sales charges.

EWCs on Class A-2 and Class A-4 Common Shares may be reduced or

waived for repurchases where the shareholder can demonstrate hardship

which shall be determined in the sole discretion of the Distributor, and

there will be minimal cost borne by the Distributor associated with the

repurchase which shall be determined in the sole discretion of the

Distributor.

In addition, investors will not be subject to EWCs for certain transactions

where the Distributor did not pay at the time of purchase the amount it

normally would have to the broker-dealer.

Required Shareholder Information and Records.

In order for investors in

Class A-2 or Class A-4 Common Shares of the Fund to take advantage of

sales charge reductions, an investor or his or her financial firm must

notify the Fund that the investor qualifies for such a reduction. If the

Fund is not notified that the investor is eligible for these reductions, the

Fund will be unable to ensure that the reduction is applied to the

investor's account. An investor may have to provide certain information

or records to his or her financial firm or the Fund to verify the investor's

eligibility for breakpoint discounts or sales charge waivers.

An investor may be asked to provide information or records, including

account statements, regarding shares of the Fund or other Eligible Funds

held in:

■

any account of the investor at another financial firm; and

■

accounts of Qualifying Investors at any financial firm.

Exchanging Shares

Exchanges Across Eligible Funds: Subject to the terms and conditions

below, shares of one class of common shares of other Eligible Funds may

be exchanged, at the shareholder's option, for shares of the same class

or another class of Common Shares of the Fund. Shareholders may also

move their investment in Common Shares of the Fund into shares of the

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113 Prospectus

\| Interval Funds

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Prospectus

------

same class or another class of common shares of other Eligible Funds in

conjunction with quarterly repurchases made by the Fund. In this case,

rather than tendering shares for cash, the shareholder would elect to

have the dollar value of those Common Shares accepted for purchases of

shares of the other Eligible Funds. Such exchanges for shares of other

Eligible Funds must occur in conjunction with quarterly repurchases

made by the Fund and will be subject to those repurchase offer risks,

such as the risk that shareholders may be unable to liquidate all or a

given percentage of their investment in the Fund during a particular

repurchase offer, that are described elsewhere in this prospectus. See

"Principal Risks of the Fund - Repurchase Offers Risk."

The total value of shares being exchanged into the Fund must at least

equal the minimum investment requirement applicable to the relevant

class of Common Shares of the Fund, and the total value of shares being

exchanged out of the Fund into other Eligible Funds must meet the

minimum investment requirements of those Eligible Funds, as applicable.

Other than exchanges at the direction of a financial intermediary (as

described below), shares of the Fund or other Eligible Funds related to

such exchanges will be subject to any sales charges, early withdrawal

charges and/or waivers applicable to such classes of shares.

Intra-Fund Exchanges: Common Shares of one class of the Fund may be

exchanged at any time, at a shareholder's option, directly for Common

Shares of another class of the Fund (an "intra-fund exchange"), subject

to the terms and conditions described below and provided that the

shareholder for whom the intra-fund exchange is being requested meets

the eligibility requirements of the class into which such shareholder

seeks to exchange. Additional information regarding the eligibility

requirements of different share classes, including investment minimums

and intended distribution channels is described under "Purchasing

Shares" and "Investment Minimums" above.

Shares of one class of the Fund will be exchanged for shares of a

different class of the Fund on the basis of their respective NAVs. Ongoing

fees and expenses incurred by a given share class will differ from those

of other share classes, and a shareholder receiving new shares in an

intra-fund exchange may be subject to higher or lower total expenses

following such exchange.

Financial Intermediary-Directed Exchanges: Financial intermediaries may,

in connection with a change in a client's account type, at the direction of

a client, or otherwise in accordance with a financial intermediary's

policies and procedures, direct the Fund on behalf of the intermediary's

clients to exchange shares of one class of Common Shares of the Fund

for shares of another class of Common Shares of the Fund, subject to

availability, or exchange Common Shares of the Fund for the same class

or another class of common shares of another Eligible Fund. Any such

exchange will not be subject to a sales charge. Class A-1, Class A-2,

Class A-3 and Class A-4 Common Shares of the Fund are, however,

subject to higher annual operating expenses than Institutional

Class Common Shares. See "Summary of Fund Expenses." The Fund will

only complete such an exchange at the direction of a financial

intermediary and without making inquiry as to whether the exchange is

consistent with the particular intermediary's policies and procedures or

the client's account type and/or suitability criteria. An investor should

contact his or her financial intermediary to learn more about the details

of this exchange feature and whether and under what circumstances it

may apply in accordance with the investor's arrangements with the

particular intermediary.

Shares Purchased or Held Through Financial Intermediaries

The Fund's sales charge waivers and discounts disclosed in this

prospectus are available for qualifying purchases and are generally

available through financial firms.

The availability of sales charge

waivers and discounts may depend on the particular financial

intermediary or type of account through which you purchase

or hold Fund shares.

There are currently no sales charge waivers,

discounts and/or breakpoints available through any specific financial

intermediary required to be disclosed by the Fund. Any such sales charge

waivers, discounts and/or breakpoints will be set forth in an appendix to

this prospectus.

While neither the Fund nor the Distributor impose an initial sales charge

on Institutional Class, Class A-1 or Class A-3 Common Shares, if you buy

Institutional Class, Class A-1 or Class A-3 Common 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.

Signature Validation

When a signature validation is called for, a Medallion signature

guarantee or Signature validation program ("SVP") stamp may be

required. A Medallion signature guarantee is intended to provide

signature validation for transactions considered financial in nature, and

an SVP stamp is intended to provide signature validation for transactions

non-financial in nature. A Medallion, a notarized signature may

guarantee or an SVP stamp. A Medallion signature guarantee or SVP

stamp may be obtained from a domestic bank or trust company, broker,

dealer, clearing agency, savings association or other financial institution

which is participating in a Medallion program or SVP recognized by the

Securities Transfer Association. When a Medallion signature guarantee or

SVP stamp is required, signature validations from financial institutions

which are not participating in one of these programs will not be

accepted. Please note that financial institutions participating in a

recognized Medallion program or providing SVP stamps may still be

ineligible to provide a signature validation for transactions of greater

than a specified dollar amount. The Fund may change the signature

validation requirements from time to time upon notice to shareholders,

which may be given by means of a new or supplemented prospectus.

Shareholders should contact the Fund for additional details regarding

the Fund's signature validation requirements. In addition, PIMCO or the

Fund may reject a Medallion signature guarantee or SVP stamp.

In addition, corporations, trusts, and other institutional organizations are

required to furnish evidence of the authority of the persons designated

on the Account Application to effect transactions for the organization.

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Prospectus

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Interval Funds

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Request for Multiple Copies of Shareholder Documents

To reduce expenses, it is intended that only one copy of the Fund's

prospectus and each annual and semi-annual report to shareholders or

notice of availability, when available, will be sent to those addresses

shared by two or more accounts. If you wish to receive individual copies

of these documents and your shares are held directly with the Fund, call

the Fund at 844.312.2113. You will receive the additional copy within

30 days after receipt of your request by the Fund. Alternatively, if your

shares are held through a financial institution, please contact the

financial institution directly.

Acceptance and Timing of Purchase and Repurchase Orders

Under normal circumstances, a purchase order received by the Fund or its

designee prior to the NYSE Close, on a day the Fund is open for business,

together with payment made in one of the ways described above will be

effected at that day's NAV plus any applicable sales charge. An order

received after the close of regular trading on the NYSE will be effected at

the NAV determined on the next business day. However, orders received

by certain retirement plans and other financial firms on a business day

prior to the close of regular trading on the NYSE and communicated to

the Fund or its designee prior to such time as agreed upon by the Fund

and financial firm will be effected at the NAV determined on the business

day the order was received by the financial firm. The Fund is "open for

business" on each day the NYSE is open for trading, which excludes the

following holidays: New Year's Day, Martin Luther King, Jr. Day,

Presidents' Day, Good Friday, Memorial Day, Juneteenth National

Independence Day, Independence Day, Labor Day, Thanksgiving Day and

Christmas Day. On any day that regular trading on the NYSE closes

earlier than scheduled, the Fund reserves the right to: (i) advance the

time as of which the NAV is calculated and, therefore, the time by which

purchase orders must be received to receive that day's NAV or (ii) accept

purchase orders until, and calculate its NAV as of, the normally scheduled

NYSE Close. On any day that the NYSE is closed when it would normally

be open for business, the Fund may accept purchase orders until, and

calculate its NAV as of, the normally scheduled close of regular trading

on the NYSE or such other time that the Fund may determine.

If your shares are held with a broker, dealer or other financial

intermediary with an agreement with the distributor ("Authorized

Intermediary"), all orders must be received by the Authorized

Intermediary in good order before NYSE Close on trade date. All purchase

orders received by an Authorized Intermediary must be transmitted to the

Fund in good order prior to 9:00 a.m. ET on the following business day.

The Fund will be deemed to have received a purchase order when an

authorized broker or, if applicable, a broker's authorized designee,

receives such order, so long as this purchase order is transmitted to the

Fund in good order by 9:00 a.m. ET the following day. Purchase orders

received by the Fund after 9:00 a.m. ET will be processed at the Fund's

NAV next computed. For repurchase requests, if your Authorized

Intermediary fails to timely submit your repurchase request to the Fund's

transfer agent in good order, you will be unable to tender your Shares

until a subsequent repurchase offer, and your request would need to be

resubmitted to the Fund. If your account is held directly at the Fund's

transfer agent (and as a result you receive statements directly from

PIMCO Investments LLC), orders must be received in good order by the

Fund's transfer agent, SS&C Global Investor and Distribution Solutions

Inc., prior to NYSE Close. Neither the Fund nor its service providers

(including PIMCO Investments LLC) shall bear any responsibility for gains

or losses resulting from an Authorized Intermediary's failure to transmit a

trade instruction in good order to the Fund's transfer agent timely.

The Fund reserves the right to close if the primary trading markets of the

Fund's portfolio instruments are closed and the Fund's management

believes that there is not an adequate market to meet purchase requests.

On any business day when the Securities Industry and Financial Markets

Association ("SIFMA") recommends that the securities markets close

trading early, the Fund may close trading early. Purchase orders will be

accepted only on days which the Fund is open for business.

The Fund and the Distributor each reserves the right, in its sole

discretion, to accept or reject any order for purchase of Fund Common

Shares in whole or in part. The sale of Common Shares may be

suspended during any period in which the NYSE is closed other than

weekends or holidays, or if permitted by the rules of the SEC, when

trading on the NYSE is restricted or during an emergency which makes it

impracticable for the Fund to dispose of its securities or to determine

fairly the value of its net assets, or during any other period as permitted

by the SEC for the protection of investors.

Information Regarding State Escheatment Laws

It is important that the Fund maintain a correct address for each direct

shareholder. An incorrect address may cause a direct shareholder's

account statements and other mailings to be returned to the Fund.

Closed-end fund accounts can be considered abandoned property. States

increasingly are looking at inactive closed-end fund accounts as possible

abandoned or unclaimed property. Under certain circumstances, the

Fund (or the broker or custodian of record having beneficial owner

information) may be legally obligated to escheat (or transfer) an

investor's account to the appropriate state's unclaimed property

administrator. The Fund will not be liable to investors or their

representatives for good faith compliance with state unclaimed or

abandoned property (escheatment) laws.

Escheatment laws vary by state, and states have different criteria for

defining inactivity and abandoned property. Generally, a closed-end

account may be subject to "escheatment" (i.e., considered to be

abandoned or unclaimed property) if the account owner has not initiated

any activity in the account or contacted the fund for an "inactivity

period" as specified in applicable state laws. Typically, an investor's last

known address of record determines the state that has jurisdiction. The

process described above, and the application of state escheatment laws,

may vary depending on how shareholders hold their shares in the Fund.

If your shares are held directly with the Fund, please proactively contact

the Fund's transfer agent at 844.312.2113 at least annually to ensure

your account remains in active status. Alternatively, if your shares are

held through a financial institution, please work with your financial

institution directly to check your account status.

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Verification of Identity and Compliance with

Economic Sanctions and Anti-Money Laundering

Laws

To help the federal government combat the funding of terrorism and

money laundering activities, federal law generally requires all financial

institutions to obtain, verify, record, and, in certain instances, report

information that identifies each person, or the control person(s) and/or

beneficial owners of legal entity customers, that opens a new account,

and to determine whether such person's name, or the names of such

control person(s) and/or beneficial owners of legal entity customers,

appears on government lists of known or suspected terrorists and

terrorist organizations. As a result, unless there is an applicable

exception or exemption, the Fund must obtain the following information

for each person, or the control person(s) and/or beneficial owners of

legal entity customers, that opens a new account:

&nbsp;&nbsp;&nbsp;&nbsp;1. Name;

&nbsp;&nbsp;&nbsp;&nbsp;2. Date of birth (for individuals);

&nbsp;&nbsp;&nbsp;&nbsp;3. Residential or business street address; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Social security number, taxpayer identification number, or other

identifying number.

Federal law prohibits the Fund and other financial institutions from

opening a new account unless they receive the minimum identifying

information listed above, unless there is an applicable exception or

exemption.

Individuals may also be asked for a copy of their driver's license, passport

or other identifying document in order to verify their identity. In addition,

it may be necessary to verify an individual's identity by cross-referencing

the identification information with a consumer report or other electronic

database. Additional information may be required to open accounts for

corporations and other entities, and the Fund or its affiliates or agents

may request information about the investor's source of funds and source

of wealth before permitting investment in the Fund.

After an account is opened, the Fund may restrict your ability to purchase

additional Common Shares until your identity is verified and all other

requested information is provided to the Fund's satisfaction. The Fund

also may close or freeze your account and redeem your shares or take

other appropriate action if it is unable to verify your identity or obtain

other requested information within a reasonable time at any point in the

lifecycle of the account.

The Fund and its affiliates may be subject to anti-money laundering laws

in addition to those set forth above, as well as laws that restrict them

from dealing with entities, individuals, organizations and/or investments

that are subject to applicable sanctions regimes. Compliance with

applicable economic sanctions, anti-money laundering, and anti-terrorist

financing laws also may cause PIMCO to block, freeze, or (in some cases)

liquidate an account if, for example, PIMCO is unable to obtain from an

investor information it requires to satisfy its anti-money laundering or

economic sanctions compliance obligations, or has reason to suspect

that the investor may be engaged in, or that the investor's funds derive

from, illicit activity, or that the investor's funds derive from such activity

or sanctioned persons. Each investor acknowledges that (i) if the Fund or

its affiliates or agents reasonably believes that such investor (or any of its

underlying beneficial owners) is the subject or target of relevant

economic or trade sanctions program or has used proceeds of crime to

fund their investment, (ii) if the investor fails to provide information to

the Fund or its affiliates or agents for purposes of assessing the Fund's

compliance with economic or trade sanctions or anti-money laundering

laws, or (iii) if otherwise required by applicable law or regulations, the

Fund or its affiliates or agents may, in their sole discretion, undertake

appropriate actions to ensure compliance with applicable law or

regulations, including but not limited to freezing, segregating or

redeeming such investor's subscription in the Fund and/or making

disclosures to appropriate regulators. In this event, the affected investor

shall have no claim against the Fund or any of its affiliates or agents, for

any form of damages that result from any of the aforementioned actions.

Periodic Repurchase Offers

The Fund is a closed-end interval fund and, to provide liquidity and the

ability to receive NAV on a disposition of at least a portion of your

Common Shares, makes periodic offers to repurchase Common Shares.

No shareholder will have the right to require the Fund to repurchase its

Common Shares, except as permitted by the Fund's interval structure. No

public market for the Common Shares exists, and none is expected to

develop in the future. Consequently, shareholders generally will not be

able to liquidate their investment other than as a result of repurchases of

their Common Shares by the Fund, and then only on a limited basis.

The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a

fundamental policy, which cannot be changed without shareholder

approval, requiring the Fund to offer to repurchase at least 5% and up to

25%, or such other amounts as may be permitted under applicable rules

and regulations or no-action, exemptive or other relief, of its Common

Shares at NAV on a regular schedule. Although the policy permits

repurchases of between 5% and 25% of the Fund's outstanding

Common Shares, for each quarterly repurchase offer, the Fund currently

expects to offer to repurchase 5% of the Fund's outstanding Common

Shares at NAV subject to approval of the Board. The schedule requires

the Fund to make repurchase offers every three months.

Repurchase Dates

The Fund will make quarterly repurchase offers. Subject to Board

approval, Repurchase Request Deadlines are expected to occur each

February, May, August and November, and Repurchase Offer Notices are

expected to be sent to shareholders each January, April, July and October

preceding each such Repurchase Request Deadline. As discussed below,

the date on which the repurchase price for Common Shares is

determined will occur no later than the 14th day after the Repurchase

Request Deadline (or the next business day, if the 14th day is not a

business day). A repurchase schedule setting forth each of these dates

for the Fund's current calendar year is available on the Fund's website at

www.pimco.com.

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Repurchase Request Deadline

The date by which shareholders wishing to tender Common Shares for

repurchase must respond to the repurchase offer will be no more than

fourteen days before the Repurchase Pricing Date (defined below). When

a repurchase offer commences, the Fund sends, at least 21 days before

the Repurchase Request Deadline, written notice to each shareholder

setting forth, among other things:

■

The percentage of outstanding Common Shares that the Fund is

offering to repurchase and how the Fund will purchase Common

Shares on a pro rata basis if the offer is oversubscribed.

■

The date on which a shareholder's repurchase request is due.

■

The date that will be used to determine the Fund's NAV applicable

to the repurchase offer (the "Repurchase Pricing Date").

■

The date by which the Fund will pay to shareholders the proceeds

from their Common Shares accepted for repurchase.

■

The NAV of the Common Shares as of a date no more than seven

days before the date of the written notice and the means by which

shareholders may ascertain the NAV.

■

The procedures by which shareholders may tender their Common

Shares and the right of shareholders to withdraw or modify their

tenders before the Repurchase Request Deadline.

■

The circumstances in which the Fund may suspend or postpone the

repurchase offer.

This notice may be included in a shareholder report or other Fund

document. Shareholders that hold shares through a financial

intermediary will need to ask their financial intermediary to submit their

repurchase requests and tender shares on their behalf.

The Repurchase

Request Deadline will be strictly observed.

If a shareholder's

repurchase request is not submitted to the Fund's transfer agent in

properly completed form by the Repurchase Request Deadline, the

shareholder will be unable to sell his or her shares to the Fund until a

subsequent repurchase offer, and the shareholder's request for that offer

must be resubmitted. If a shareholder's Authorized Intermediary will

submit his or her repurchase request, the shareholder should submit his

or her request to the Authorized Intermediary in the form requested by

the Authorized Intermediary sufficiently in advance of the Repurchase

Request Deadline to allow the Authorized Intermediary to submit the

request to the Fund. If a shareholder's Authorized Intermediary is unable

or fails to submit the shareholder's request to the Fund in a timely

manner, or if the shareholder fails to submit his or her request to the

shareholder's Authorized Intermediary, the shareholder will be unable to

sell his or her shares to the Fund until a subsequent repurchase offer, and

the shareholder's request for that offer must be resubmitted.

Shareholders may withdraw or change a repurchase request with a

proper instruction submitted in good form at any point before the

Repurchase Request Deadline.

Determination of Repurchase Price and Payment for Shares

The Repurchase Pricing Date will occur no later than the 14th day after

the Repurchase Request Deadline (or the next business day, if the 14th

day is not a business day). The Fund expects to distribute payment to

shareholders within three (3) business days after the Repurchase Pricing

Date and will distribute such payment in settlement of the Fund's

repurchase of shares no later than seven (7) calendar days after such

Repurchase Pricing Date. The Fund's NAV per share may change

materially between the date a repurchase offer is mailed and the

Repurchase Request Deadline, and it may also change materially

between the Repurchase Request Deadline and Repurchase Pricing Date.

The method by which the Fund calculates NAV is discussed below under

"How Fund Shares are Priced." During the period an offer to repurchase

is open, shareholders may obtain the current NAV by visiting

www.pimco.com or calling the Fund's transfer agent at (844) 312-2113.

Suspension or Postponement of Repurchase Offers

The Fund may suspend or postpone a repurchase offer in limited

circumstances set forth in Rule 23c-3 under the 1940 Act, as described

below, but only with the approval of a majority of the Trustees, including

a majority of Trustees who are not "interested persons" of the Fund, as

defined in the 1940 Act. The Fund may suspend or postpone a

repurchase offer as may be permitted under Rule 23c-3, including (but

not limited to): (1) if making or effecting the repurchase offer would

cause the Fund to lose its status as a RIC under Subchapter M of the

Code; (2) for any period during which the NYSE or any other market in

which the securities owned by the Fund are principally traded is closed,

other than customary weekend and holiday closings, or during which

trading in such market is restricted; (3) for any period during which an

emergency exists as a result of which disposal by the Fund of securities

owned by it is not reasonably practicable, or during which it is not

reasonably practicable for the Fund fairly to determine the value of its

net assets; or (4) for such other periods as the SEC may by order permit

for the protection of shareholders of the Fund.

Oversubscribed Repurchase Offers

There is no minimum number of Common Shares that must be tendered

before the Fund will honor repurchase requests. However, the Fund's

Trustees set for each repurchase offer a maximum percentage of

Common Shares that may be repurchased by the Fund, which is currently

expected to be 5% of the Fund's outstanding Common Shares. In the

event a repurchase offer by the Fund is oversubscribed, the Fund may

repurchase, but is not required to repurchase, additional Common Shares

up to a maximum amount of 2% of the outstanding Common Shares of

the Fund. 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. However, the foregoing will not prohibit the Fund from

accepting all Common Shares tendered for repurchase by shareholders

who own less than one hundred (100) Common Shares and who tender

all of their Common Shares, before prorating Common Shares tendered

by other shareholders; provided that if a shareholder holds his or her

shares through an Authorized Intermediary, such shareholder's

Authorized Intermediary may not be willing or able to arrange for this

treatment on the shareholder's behalf.

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If any Common Shares that you wish to tender to the Fund are not

repurchased because of proration, you will have to wait until the next

repurchase offer and resubmit a new repurchase request, and your

repurchase request will not be given any priority over other shareholders'

requests. Thus, there is a risk that the Fund may not purchase all of the

Common Shares you wish to have repurchased in a given repurchase

offer or in any subsequent repurchase offer. In anticipation of the

possibility of proration, some shareholders may tender more Common

Shares than they wish to have repurchased in a particular quarter,

increasing the likelihood of proration.

There is no assurance that you will be able to tender your

Common Shares when or in the amount that you desire.

Consequences of Repurchase Offers

From the time the Fund distributes or publishes each repurchase offer

notification until the Repurchase Pricing Date for that offer, the Fund

must maintain liquid assets at least equal to the percentage of its

Common Shares subject to the repurchase offer. For this purpose, "liquid

assets" means assets that may be sold or otherwise disposed of in the

ordinary course of business, at approximately the price at which the Fund

values them, within the period between the Repurchase Request

Deadline and the repurchase payment deadline, or which mature by the

repurchase payment deadline. The Fund is also permitted to borrow up to

the maximum extent permitted under the 1940 Act to meet repurchase

requests.

If the Fund borrows to finance repurchases, interest on that borrowing

will negatively affect shareholders who do not tender their Common

Shares by increasing the Fund's expenses and reducing any net

investment income. There is no assurance that the Fund will be able sell a

significant amount of additional Common Shares so as to mitigate these

effects.

These and other possible risks associated with the Fund's repurchase

offers are described under "Principal Risks of Investment in the Fund —

Repurchase Offers Risk" above. In addition, the repurchase of Common

Shares by the Fund will be a taxable event to shareholders, potentially

even to those shareholders that do not participate in the repurchase. For

a discussion of these tax consequences, see "Tax Matters" below and

"Taxation" in the Statement of Additional Information.

How Fund Shares are Priced

The price of the Fund's Common Shares is based on the Fund's NAV. The

NAV of the Fund's Common Shares is determined by dividing the total

value of the Fund's portfolio investments and other assets, less any

liabilities, by the total number of Common Shares outstanding.

On each day that the NYSE is open, the Fund's Common Shares are

ordinarily valued as of the NYSE Close. Information that becomes known

to the Fund or its agents after the time as of which NAV has been

calculated on a particular day will not generally be used to retroactively

adjust the price of a security or the NAV determined earlier that day. If

regular trading on the NYSE closes earlier than scheduled, the Fund

reserves the rights to (i) calculate its NAV as of the earlier closing time or

(ii) calculate its NAV as of the normally scheduled close of regular trading

on the NYSE for that day. The Fund generally does not calculate its NAV

days during which the NYSE is closed. However, if the NYSE is closed on a

day it would normally be open for business, the Fund reserves the right

to calculate its NAV as of the normally scheduled close of regular trading

on the NYSE for that day or such other time that the Fund may

determine.

For purposes of calculating NAV, portfolio securities and other assets for

which market quotations are readily available are valued at market value.

A market quotation is readily available only when that quotation is a

quoted price (unadjusted) in active markets for identical investments that

the Fund can access at the measurement date, provided that a quotation

will not be readily available if it is not reliable. Market value is generally

determined on the basis of official closing prices or the last reported

sales prices. The Fund will normally use pricing data for domestic equity

securities received shortly after the NYSE Close and does not normally

take into account trading, clearances or settlements that take place after

the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign

exchange or on more than one exchange is typically valued using pricing

information from the exchange considered by PIMCO to be the primary

exchange. If market value pricing is used, a foreign (non-U.S.) equity

security will be valued as of the close of trading on the foreign exchange,

or the NYSE Close, if the NYSE Close occurs before the end of trading on

the foreign exchange.

Investments for which market quotations are not readily available are

valued at fair value as determined in good faith pursuant to Rule 2a-5

under the 1940 Act. As a general principle, the fair value of a security or

asset is the price that would be received to sell an asset or paid to

transfer a liability in an orderly transaction between market participants

at the measurement date. Pursuant to Rule 2a-5, the Board has

designated PIMCO as the valuation designee ("Valuation Designee") for

the Fund to perform the fair value determination relating to all Fund

investments. PIMCO may carry out its designated responsibilities as

Valuation Designee through various teams and committees. The

Valuation Designee's policies and procedures govern the Valuation

Designee's selection and application of methodologies for determining

and calculating the fair value of Fund investments. The Valuation

Designee may value portfolio securities for which market quotations are

not readily available and other Fund assets utilizing inputs from pricing

services, quotation reporting systems, valuation agents and other

third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities,

non-exchange-traded derivatives, and equity options are normally valued

on the basis of quotes obtained from brokers and dealers or Pricing

Sources using data reflecting the earlier closing of the principal markets

for those securities. Prices obtained from Pricing Sources may be based

on, among other things, information provided by market makers or

estimates of market values obtained from yield data relating to

investments or securities with similar characteristics. Certain fixed

income securities purchased on a delayed-delivery basis are marked to

market daily until settlement at the forward settlement date.

Exchange-traded options, except equity options, futures and options on

futures are valued at the settlement price determined by the relevant

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exchange. Swap agreements are valued on the basis of bid quotes

obtained from brokers and dealers or market-based prices supplied by

Pricing Sources. With respect to any portion of the Fund's assets that are

invested in one or more open-end management investment companies

(other than exchange-traded funds), the Fund's NAV will be calculated

based upon the NAVs of such investments.

If a foreign (non-U.S.) equity security's value has materially changed after

the close of the security's primary exchange or principal market but

before the NYSE Close, the security may be valued at fair value. Foreign

(non-U.S.) equity securities that do not trade when the NYSE is open are

also valued at fair value. With respect to foreign (non-U.S.) equity

securities, the Fund may determine the fair value of investments based

on information provided by Pricing Sources and other third-party

vendors, which may recommend fair value or adjustments with reference

to other securities, indexes or assets. In considering whether fair

valuation is required and in determining fair values, the Valuation

Designee may, among other things, consider significant events (which

may be considered to include changes in the value of U.S. securities or

securities indexes) that occur after the close of the relevant market and

before the NYSE Close. The Fund may utilize modeling tools provided by

third-party vendors to determine fair values of non-U.S. securities. For

these purposes, unless otherwise determined by the Valuation Designee,

any movement in the applicable reference index or instrument ("zero

trigger") between the earlier close of the applicable foreign market and

the NYSE Close may be deemed to be a significant event, prompting the

application of the pricing model (effectively resulting in daily fair

valuations). Foreign (non-U.S.) exchanges may permit trading in foreign

(non-U.S.) equity securities on days when the Fund is not open for

business, which may result in the Fund's portfolio investments being

affected when shareholders are unable to buy or sell shares. Whole loans

may be fair valued using inputs that take into account borrower- or

loan-level data (e.g., credit risk of the borrower) that is updated

periodically throughout the life of each individual loan; any new

borrower- or loan-level data received in written reports periodically by

the Fund normally will be taken into account in calculating the NAV. The

Fund's whole loan investments, including those originated by the Fund,

generally are fair valued in accordance with procedures approved by the

Board.

Investments valued in currencies other than the U.S. dollar are converted

to the U.S. dollar using exchange rates obtained from Pricing Sources. As

a result, the value of such investments and, in turn, the NAV of the

Fund's shares may be affected by changes in the value of currencies in

relation to the U.S. dollar. The value of investments traded in markets

outside the United States or denominated in currencies other than the

U.S. dollar may be affected significantly on a day that the Fund is not

open for business. As a result, to the extent that the Fund holds foreign

(non-U.S.) investments, the value of those investments may change at

times when shareholders are unable to buy or sell shares and the value

of such investments will be reflected in the Fund's next calculated NAV.

Fair valuation may require subjective determinations about the value of a

security. While the Fund's and Valuation Designee's policies and

procedures are intended to result in a calculation of the Fund's NAV that

fairly reflects security values as of the time of pricing, the Fund cannot

ensure that fair values accurately reflect the price that the Fund could

obtain for a security if it were to dispose of that security as of the time of

pricing (for instance, in a forced or distressed sale). The prices used by the

Fund may differ from the value that would be realized if the securities

were sold.

Under certain circumstances, the per share NAV of a class of the Fund's

shares may be different from the per share NAV of another class of

shares as a result of the different daily expense accruals applicable to

each class of shares.

Distributions

The Fund intends to declare income dividends daily and distribute them

to Common Shareholders monthly, which may be at rates that reflect the

past and projected net income of the Fund. Subject to applicable law, the

Fund may fund a portion of its distributions with gains from the sale of

portfolio securities and other sources. The dividend rate that the Fund

pays on its Common Shares may vary as portfolio and market conditions

change, and will depend on a number of factors, including without

limitation the amount of the Fund's undistributed net investment income

and net short- and long-term capital gains, as well as the costs of any

leverage obtained by the Fund (including interest expenses on any

reverse repurchase agreements and borrowings and dividends payable

on any preferred shares issued by the Fund). As portfolio and market

conditions change, the rate of distributions on the Common Shares and

the Fund's dividend policy could change. For a discussion of factors that

may cause the Fund's income and capital gains (and therefore the

dividend) to vary, see "Principal Risks of the Fund." The Fund intends to

distribute each year substantially all of its net investment income and net

short-term capital gains. In addition, at least annually, the Fund intends

to distribute net realized long-term capital gains not previously

distributed, if any. The net investment income of the Fund consists of all

income (other than net short-term and long-term capital gains) less all

expenses of the Fund (after it pays accrued dividends on any outstanding

preferred shares). The Fund's distribution rates may be based, in part, on

projections as to annual cash available for distribution and, therefore, the

distributions paid by the Fund for any particular month may be more or

less than the amount of cash available to the Fund for distribution for

that monthly period.

The Fund may distribute less than the entire amount of net investment

income earned in a particular period. The undistributed net investment

income would be available to supplement future distributions. As a

result, the distributions paid by the Fund for any particular monthly

period may be more or less than the amount of net investment income

actually earned by the Fund during the period. Undistributed net

investment income will be added to the Fund's NAV and,

correspondingly, distributions from undistributed net investment income

will be deducted from the Fund's NAV.

The tax treatment and characterization of the Fund's distributions may

vary significantly from time to time because of the varied nature of the

Fund's investments. If the Fund estimates that a portion of one of its

dividend distributions may be comprised of amounts from sources other

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than net investment income in accordance with its internal policies,

accounting records and related accounting practices, the Fund will notify

shareholders of record of the estimated composition of such distribution

through a Section 19 Notice. For these purposes, the Fund estimates the

source or sources from which a distribution is paid, to the close of the

period as of which it is paid, in reference to its internal accounting

records and related accounting practices. If, based on such accounting

records and practices, it is estimated that a particular distribution does

not include capital gains or paid-in surplus or other capital sources, a

Section 19 Notice generally would not be issued. It is important to note

that differences exist between the Fund's daily internal accounting

records and practices, the Fund's financial statements presented in

accordance with U.S. GAAP, and recordkeeping practices under income

tax regulations. For instance, the Fund's internal accounting records and

practices may take into account, among other factors, tax-related

characteristics of certain sources of distributions that differ from

treatment under U.S. GAAP. Examples of such differences may include,

among others, the treatment of paydowns on mortgage-backed

securities purchased at a discount and periodic payments under interest

rate swap contracts. Accordingly, among other consequences, it is

possible that the Fund may not issue a Section 19 Notice in situations

where the Fund's financial statements prepared later and in accordance

with U.S. GAAP and/or the final tax character of those distributions

might later report that the sources of those distributions included capital

gains and/or a return of capital.

The tax characterization of the Fund's distributions made in a taxable

year cannot finally be determined until at or after the end of the year. As

a result, there is a possibility that the Fund may make total distributions

during a taxable year in an amount that exceeds the Fund's net

investment income and net realized capital gains (as reduced by any

capital loss carry-forwards) for the relevant year. For example, the Fund

may distribute amounts early in the year that are derived from short-term

capital gains, but incur net short-term capital losses later in the year,

thereby offsetting short-term capital gains out of which distributions

have already been made by the Fund. In such a situation, the amount by

which the Fund's total distributions exceed net investment income and

net realized capital gains would generally be treated as a tax-free return

of capital up to the amount of a shareholder's tax basis in his or her

Common Shares, with any amounts exceeding such basis treated as gain

from the sale of Common Shares. In general terms, a return of capital

would occur where a Fund distribution (or portion thereof) represents a

return of a portion of your investment, rather than net income or capital

gains generated from your investment during a particular period. A

return of capital distribution is not taxable, but it reduces a shareholder's

tax basis in the Common Shares, thus reducing any loss or increasing any

gain on a subsequent taxable disposition by the shareholder of the

Common Shares. The Fund will send shareholders detailed tax

information with respect to the Fund's distributions annually. See "Tax

Matters."

The 1940 Act currently limits the number of times the Fund may

distribute long-term capital gains in any tax year, which may increase the

variability of the Fund's distributions and result in certain distributions

being comprised more or less heavily than others of long-term capital

gains currently eligible for favorable income tax rates.

Unless a Common Shareholder elects to receive distributions in cash, all

distributions (net of applicable withholding tax) of Common

Shareholders whose shares are registered with the plan agent will be

automatically reinvested in additional Common Shares under the Plan.

See "Dividend Reinvestment Plan."

The Board may change the Fund's distribution policy and the amount or

timing of distributions, based on a number of factors, including the

amount of the Fund's undistributed net investment income and net short

and long-term capital gains and historical and projected net investment

income and net short- and long-term capital gains.

Dividend Reinvestment Plan

Pursuant to the Plan, all Common Shareholders will have all dividends,

including any capital gain dividends (net of applicable withholding tax),

reinvested automatically in additional Common Shares by SS&C Global

Investor and Distribution Solutions, Inc., as agent for the Common

Shareholders (the "Plan Agent"), unless the shareholder elects to receive

cash. An election to receive cash may be revoked or reinstated at the

option of the shareholder. In the case of record shareholders such as

banks, brokers or other nominees that hold Common Shares for others

who are the beneficial owners, the Plan Agent will administer the Plan

on the basis of the number of Common Shares certified from time to

time by the record shareholder as representing the total amount

registered in such shareholder's name and held for the account of

beneficial owners who are to participate in the Plan. Shareholders whose

shares are held in the name of a bank, broker or nominee should contact

the bank, broker or nominee for details.

Common Shares received under the Plan will be issued to you at their

NAV on the ex-dividend date; there is no sales or other charge for

reinvestment. You are free to withdraw from the Plan and elect to receive

cash at any time by giving written notice to the Plan Agent or by

contacting your broker or dealer, who will inform the Fund. Your request

must be received by the Fund at least ten days prior to the payment date

of the distribution to be effective for that dividend or capital gain

distribution.

The Plan Agent provides written confirmation of all transactions in the

shareholder accounts in the Plan, including information you may need

for tax records. Any proxy you receive will include all Common Shares you

have received under the Plan.

Automatically reinvested dividends and distributions are taxed in the

same manner as cash dividends and distributions. See "Tax Matters."

The Fund and the Plan Agent reserve the right to amend or terminate the

Plan. There is no direct service charge to participants in the Plan;

however, the Fund reserves the right to amend the Plan to include a

service charge payable by the participants. If the Plan is amended to

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include such service charges, the Plan Agent will include a notification to

registered Common Shareholders with the Plan Agent. Additional

information about the Plan may be obtained from the Plan Agent.

Description of Capital Structure and Shares

The following is a brief description of the capital structure of the Fund.

This description does not purport to be complete and is subject to and

qualified in its entirety by reference to the Declaration and the Fund's

Bylaws, as amended and restated through the date hereof (the

"Bylaws"). The Declaration and Bylaws are each exhibits to the

registration statement of which this prospectus is a part.

The Fund is an unincorporated voluntary association with transferable

shares of beneficial interest (commonly referred to as a "Massachusetts

business trust") established under the laws of The Commonwealth of

Massachusetts by the Declaration. The Declaration provides that the

Trustees of the Fund may authorize separate classes of shares of

beneficial interest. Preferred shares may be issued in one or more series,

with such par value and with such rights as determined by the Board, by

action of the Board without the approval of the Common Shareholders.

The Declaration authorizes the issuance of an unlimited number of

Common Shares. The Common Shares will be issued with a par value of

$0.00001 per share. The Fund currently has five separate classes of

Common Shares: Institutional Class, Class A-1, Class A-2, Class A-3 and

Class A-4. An investment in any share class of the Fund represents an

investment in the same assets of the Fund. However, the ongoing fees

and expenses for each share class may be different. The fees and

expenses for the Fund are set forth in "Summary of Fund Expenses"

above. Certain share class details are set forth in "Plan of Distribution"

above.

Common Shareholders will be entitled to the payment of dividends and

other distributions when, as and if declared by the Board. All Common

Shares have equal rights to the payment of dividends and the

distribution of assets upon liquidation. Common Shares will, when

issued, be fully paid and, subject to matters discussed in "Anti-Takeover

and Other Provisions in the Declaration of Trust and Bylaws,"

non-assessable, and will have no pre-emptive or conversion rights or rights to cumulative voting.

Upon liquidation of the Fund, after paying or

adequately providing for the payment of all liabilities of the Fund and the

liquidation preference with respect to any outstanding preferred shares,

and upon receipt of such releases, indemnities and refunding

agreements as they deem necessary for their protection, the Trustees may

distribute the remaining assets of the Fund among the Fund's Common

Shareholders.

The Fund does not intend to hold annual meetings of shareholders.

If the

Fund does hold a meeting of shareholders, Common Shares of the Fund

entitle their holders to one vote for each Common Share held; however,

separate votes are taken by each class of Common Shares on matters

affecting an individual class of Common Shares. Each fractional share

shall be entitled to a proportionate fractional vote, except as otherwise

provided by the Declaration, Bylaws, or required by applicable law.

The Fund will send unaudited reports at least semiannually and audited

financial statements annually to all of its Common Shareholders.

The Common Shares are not, and are not expected to be, listed for

trading on any national securities exchange nor is there expected to be

any secondary trading market in the Common Shares.

The following table shows the amounts of Common Shares of the Fund

that were authorized and outstanding as of September 30, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| (1) | (2) | (3) | (4) |
| Title of Class | &nbsp;&nbsp;Amount<br>Authorized<br>| &nbsp;&nbsp;Amount Held by<br>the Fund for its<br>Account<br>| &nbsp;&nbsp;Amount<br>Outstanding<br>Exclusive of<br>Amount Shown<br>Under (3)<br>|
| Institutional Class Common Shares | Unlimited | 0 | 5956738 |

---

As noted under "Use of Leverage," the Fund currently intends, subject to

favorable market conditions, to add leverage to its portfolio by utilizing

reverse repurchase agreements, selling credit default swaps or entering

into borrowings, such as through bank loans or commercial paper and/or

other credit facilities. The Fund may also enter into transactions other

than those noted above that may give rise to a form of leverage

including, among others, futures and forward contracts (including foreign

currency exchange contracts), credit default swaps, total return swaps

and other derivative transactions, loans of portfolio securities, short sales

and when-issued, delayed delivery and forward commitment

transactions.

The Fund may determine in the future to issue preferred shares or other

senior securities to add leverage to its portfolio. Any such preferred

shares would have complete priority upon distribution of assets over the

Common Shares.

Anti-Takeover and Other Provisions in the

Declaration of Trust and Bylaws

The Declaration and the Bylaws include provisions that could limit the

ability of other entities or persons to acquire control of the Fund or to

convert the Fund to open-end status.

As described below, the Declaration grants special approval rights with

respect to certain matters to members of the Board who qualify as

"Continuing Trustees," which term means a Trustee who either (i) has

been a member of the Board since the date when the Fund's shares are

first sold pursuant to a public offering or (ii) was nominated to serve as a

member of the Board of Trustees or designated as a Continuing Trustee,

by a majority of the Continuing Trustees then members of the Board.

The Declaration requires the affirmative vote or consent of at least

seventy-five percent (75%) of the Board and holders of at least

seventy-five percent (75%) of the Fund's shares to authorize certain

Fund transactions not in the ordinary course of business, including a

merger or consolidation or share exchange, any shareholder proposal as

to specific investment decisions made or to be with respect to the assets

of the Fund or issuance or transfer by the Fund of the Fund's shares

having an aggregate fair market value of $1,000,000 or more (except as

may be made pursuant to a public offering, the Plan or upon exercise of

any stock subscription rights), unless the transaction is authorized by

both a majority of the Trustees and seventy-five percent (75%) of the

Continuing Trustees (in which case no shareholder authorization would

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be required by the Declaration, but may be required in certain cases

under the 1940 Act). The Declaration also requires the affirmative vote or

consent of holders of at least seventy-five percent (75%) of the Fund's

shares entitled to vote on the matter to authorize a conversion of the

Fund from a closed-end to an open-end investment company, unless the

conversion is authorized by both a majority of the Trustees and

seventy-five percent (75%) of the Continuing Trustees (in which case

shareholders would have only the minimum voting rights required by the

1940 Act with respect to the conversion). Also, the Declaration provides

that the Fund may be terminated at any time by vote or consent of at

least seventy-five percent (75%) of the Fund's shares or, alternatively, by

vote or consent of both a majority of the Trustees and seventy-five

percent (75%) of the Continuing Trustees. See "Anti-Takeover and Other

Provisions in the Declaration of Trust and Bylaws" in the Statement of

Additional Information for a more detailed summary of these provisions.

The Trustees may from time to time grant other voting rights to

shareholders with respect to these and other matters in the Bylaws,

certain of which are required by the 1940 Act.

The overall effect of these provisions is to render more difficult the

accomplishment of a merger or the assumption of control of the Fund by

a third party. These provisions also provide, however, the advantage of

potentially requiring persons seeking control of the Fund to negotiate

with its management regarding the price to be paid and facilitating the

continuity of the Fund's investment objective and policies. The Board has

considered the foregoing anti-takeover provisions and concluded that

they are in the best interests of the Fund and its shareholders, including

Common Shareholders.

The foregoing is intended only as a summary and is qualified in its

entirety by reference to the full text of the Declaration and the Bylaws,

both of which are on file with the SEC.

Under Massachusetts law, shareholders could, in certain circumstances,

be held personally liable for the obligations of the Fund. However, the

Declaration contains an express disclaimer of shareholder liability for

debts or obligations of the Fund and requires that notice of such limited

liability be given in each agreement, obligation or instrument entered

into or executed by the Fund or the Trustees. The Declaration further

provides for indemnification out of the assets and property of the Fund

for all loss and expense of any shareholder held personally liable for the

obligations of the Fund. Thus, the risk of a shareholder incurring financial

loss on account of shareholder liability is limited to circumstances in

which the Fund would be unable to meet its obligations. The Fund

believes that the likelihood of such circumstances is remote.

Forum for Adjudication of Disputes

The Bylaws provide that unless the Fund consents in writing to the

selection of an alternative forum, the sole and exclusive forum for (i) any

action or proceeding brought on behalf of the Fund or one or more of

the shareholders, (ii) any action asserting a claim of breach of a fiduciary

duty owed by any Trustee, officer, other employee of the Fund, or the

Fund's investment adviser to the Fund or the Fund's shareholders, (iii)

any action asserting a breach of contract by the Fund, by any Trustee,

officer or other employee of the Fund, or by the Fund's investment

adviser, (iv) any action asserting a claim arising pursuant to any provision

of the Massachusetts Business Corporation Act, Chapter 182 of the

Massachusetts General Laws or the Declaration or the Bylaws, (v) any

action to interpret, apply, enforce or determine the validity of the

Declaration or the Bylaws or any agreement contemplated by any

provision of the 1940 Act, the Declaration or the Bylaws, or (vi) any

action asserting a claim governed by the internal affairs doctrine shall be

within the federal or state courts in the Commonwealth of

Massachusetts (each, a "Covered Action").

The Bylaws further provide that if any Covered Action is filed in a court

other than in a federal or state court sitting within the Commonwealth of

Massachusetts (a "Foreign Action") in the name of any shareholder, such

shareholder shall be deemed to have consented to (i) the personal

jurisdiction of the federal and state courts within The Commonwealth of

Massachusetts in connection with any action brought in any such courts

to enforce the preceding sentence (an "Enforcement Action") and (ii)

having service of process made upon such shareholder in any such

Enforcement Action by service upon such shareholder's counsel in the

Foreign Action as agent for such shareholder.

Any person purchasing or otherwise acquiring or holding any interest in

shares of beneficial interest of the Fund will be (i) deemed to have notice

of and consented to the foregoing paragraph and (ii) deemed to have

waived any argument relating to the inconvenience of the forum

referenced above in connection with any action or proceeding described

in the foregoing paragraph.

This forum selection provision may limit a shareholder's ability to bring a

claim in a judicial forum that it finds favorable for disputes with Trustees,

officers or other agents of the Fund and its service providers, which may

discourage such lawsuits with respect to such claims and increase the

costs for a shareholder to pursue such claims. If a court were to find the

forum selection provision contained in the Bylaws to be inapplicable or

unenforceable in an action, the Fund may incur additional costs

associated with resolving such action in other jurisdictions. This forum

selection provision shall not apply to claims made under federal

securities laws. The enforceability of exclusive forum provisions is

questionable.

Derivative and Direct Claims of Shareholders

The Declaration contains provisions regarding derivative and direct

claims of shareholders. As used in the Declaration, a "direct" shareholder

claim refers to (i) a claim based upon alleged violations of a

shareholder's individual rights independent of any harm to the Fund,

including a shareholder's voting rights under Article V of the Declaration

or Article 10 of the Bylaws, rights to receive a dividend payment as may

be declared from time to time, rights to inspect books and records, or

other similar rights personal to the shareholder and independent of any

harm to the Fund. Any other claim asserted by a shareholder, including

without limitation any claims purporting to be brought on behalf of the

Fund or involving any alleged harm to the Fund, are considered a

"derivative" claim.

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A shareholder or group of shareholders may not bring or maintain any

court action, proceeding or claim on behalf of the Fund or any series or

class of shares without first making demand on the Trustees requesting

the Trustees to bring or maintain such action, proceeding or claim. Such

demand shall not be excused under any circumstances, including claims

of alleged interest on the part of the Trustees. The Trustees shall consider

such demand within 90 days of its receipt by the Fund. In their sole

discretion, the Trustees may submit the matter to a vote of shareholders

of the Fund or a series or class of shares, as appropriate. Any decision by

the Trustees to bring, maintain or settle (or not to bring, maintain or

settle) such court action, proceeding or claim, or to submit the matter to

a vote of shareholders shall be made by the Trustees in their business

judgment and shall be binding upon the shareholders and no suit,

proceeding or other action shall be commenced or maintained after a

decision to reject a demand. Any Trustee who is not an "interested

person" (within the meaning of Section 2(a)(19) of the 1940 Act) of the

Fund acting in connection with any demand or any proceeding relating

to a claim on behalf of or for the benefit of the Fund shall be deemed to

be independent and disinterested with respect to such demand,

proceeding or claim.

A shareholder or group of shareholders may not bring or maintain a

direct action or claim for monetary damages against the Fund or the

Trustees predicated upon an express or implied right of action under the

Declaration (excepting rights of action permitted under Section 36(b) of

the 1940 Act), nor shall any single shareholder, who is similarly situated

to one or more other shareholders with respect to the alleged injury,

have the right to bring such an action, unless such group of shareholders

or shareholder has obtained authorization from the Trustees to bring the

action. The requirement of authorization shall not be excused under any

circumstances, including claims of alleged interest on the part of the

Trustees. The Trustees shall consider such request within 45 days of its

receipt by the Fund. In their sole discretion, the Trustees may submit the

matter to a vote of shareholders of the Fund or series or class of shares,

as appropriate. Any decision by the Trustees to settle or to authorize (or

not to settle or to authorize) such court action, proceeding or claim, or to

submit the matter to a vote of shareholders, shall be made in their

business judgment and shall be binding on all shareholders.

Any person purchasing or otherwise acquiring or holding any interest in

shares of beneficial interest of the Fund will be deemed to have notice of

and consented to the foregoing provisions. These provisions may limit a

shareholder's ability to bring a claim against the Trustees, officers or

other agents of the Fund and its service providers, which may discourage

such lawsuits with respect to such claims.

These provisions in the Declaration regarding derivative and direct claims

of shareholders shall not apply to claims made under federal securities

laws.

Tax Matters

This section summarizes some of the U.S. federal income tax

consequences to U.S. persons of investing in the Fund; the consequences

under other tax laws and to non-U.S. shareholders may

differ. Shareholders should consult their tax advisors as to the possible

application of federal, state, local or non-U.S. income tax laws. This

summary is based on the Code, U.S. Treasury regulations, and other

applicable authority, all as of the date of this prospectus. These

authorities are subject to change by legislative or administrative action,

possibly with retroactive effect. Please see the Statement of Additional

Information for additional information regarding the tax aspects of

investing in the Fund.

Treatment as a Regulated Investment Company

The Fund has elected to be treated, and intends each year to qualify and

be eligible, to be treated, as a RIC under Subchapter M of the Code. A

RIC is not subject to U.S. federal income tax at the corporate level on

income and gains from investments that are distributed in a timely

manner to shareholders in the form of dividends. The Fund's failure to

qualify as a RIC would result in corporate-level taxation, thereby

reducing the return on your investment.

As described under "Use of Leverage" above, if at any time when

Preferred Shares or other senior securities are outstanding the Fund does

not meet applicable asset coverage requirements, it will be required to

suspend distributions to Common Shareholders until the requisite asset

coverage is restored. Any such suspension may cause the Fund to pay a

U.S. federal income and excise tax on undistributed income or gains and

may, in certain circumstances, prevent the Fund from qualifying for

treatment as a RIC. The Fund may repurchase, prepay, or otherwise retire

Preferred Shares or other senior securities, as applicable, in an effort to

comply with the distribution requirement applicable to RICs.

Taxes on Fund Distributions

A shareholder subject to U.S. federal income tax will generally be subject

to tax on Fund distributions. For U.S. federal income tax purposes, Fund

distributions will generally be taxable to a shareholder as either ordinary

income or capital gains. Fund dividends consisting of distributions of

investment income generally are taxable to shareholders as ordinary

income. Federal taxes on Fund distributions of capital gains are

determined by how long the Fund owned or is deemed to have owned

the investments that generated the capital gains, rather than how long a

shareholder has owned the shares. Distributions of net capital gains (that

is, the excess of net long-term capital gains over net short-term capital

losses, in each case determined with reference to any loss carryforwards)

that are properly reported by the Fund as capital gain dividends generally

will be treated as long-term capital gains includible in a shareholder's

net capital gains and taxed to individuals at reduced rates. The Fund

does not expect a significant portion of its distributions to be treated as

long-term capital gains. Distributions of net short-term capital gains in

excess of net long-term capital losses generally will be taxable to

shareholders as ordinary income.

The Code generally imposes a 3.8% Medicare contribution tax on the

"net investment income" of certain individuals, trusts and estates to the

extent their income exceeds certain threshold amounts. Net investment

income generally includes for this purpose dividends paid by the Fund,

including any capital gain dividends, and including net capital gains

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recognized on the sale, redemption or exchange of shares of the Fund.

Shareholders are advised to consult their tax advisors regarding the

possible implications of this additional tax on their investment in the

Fund.

The ultimate tax characterization of the Fund's distributions made in a

taxable year cannot be determined finally until after the end of that

taxable year. As a result, there is a possibility that the Fund may make

total distributions during a taxable year in an amount that exceeds the

Fund's current and accumulated earnings and profits. In that case, the

excess generally would be treated as return of capital and would reduce

a shareholder's tax basis in the applicable shares, with any amounts

exceeding such basis treated as gain from the sale of such shares. A

return of capital is not taxable, but it reduces a shareholder's tax basis in

the shares, thus reducing any loss or increasing any gain on a

subsequent taxable disposition by the shareholder of the Common

Shares.

A shareholder whose distributions are reinvested in Common Shares

under the Plan will be treated for U.S. federal income tax purposes as

having received an amount in distribution equal to the fair market value

of the Common Shares issued to the shareholder, which amount will also

be equal to the net asset value of such shares. For U.S. federal income tax

purposes, all distributions are generally taxable in the manner described

above, whether a shareholder takes them in cash or they are reinvested

pursuant to the Plan in additional shares of the Fund. See "Dividend

Reinvestment Plan" above for further details.

Fund distributions are taxable to shareholders as described above even if

they are paid from income or gains earned by the Fund before a

shareholder's investment (and thus were included in the price the

shareholder paid).

Certain Fund Investments

The Fund's transactions in foreign currencies, foreign-currency

denominated debt obligations, derivatives, short sales, or similar or

related transactions could affect the amount, timing and character of

distributions from the Fund, and could increase the amount and

accelerate the timing for payment of taxes payable by Shareholders.

The Fund's investments in certain debt instruments could cause the Fund

to recognize taxable income in excess of the cash generated by such

investments (which may require the Fund to liquidate other investments

in order to make required distributions).

The Fund's intention to qualify and be eligible for treatment as a RIC may

limit its ability to acquire or continue to hold positions in Private Funds

that are treated as partnerships for U.S. federal income tax purposes that

would otherwise be consistent with its investment strategy or may

require the Fund to engage in transactions in which it would otherwise

not engage, resulting in additional transaction costs and reducing the

Fund's return to Shareholders.

Subsidiaries

The Fund may invest in one or more subsidiaries that are treated as

disregarded entities for U.S. federal income tax purposes. In the case of a

subsidiary that is so treated, for U.S. federal income tax purposes, (i) the

Fund is treated as owning the subsidiary's assets directly; (ii) any income,

gain, loss, deduction or other tax items arising in respect of the

subsidiary's assets will be treated as if they are realized or incurred, as

applicable, directly by the Fund; and (iii) distributions, if any, the Fund

receives from the subsidiary will have no effect on the Fund's U.S. federal

income tax liability.

Foreign (Non-U.S.) Taxes

Income received by the Fund from sources within foreign countries may

be subject to withholding and other taxes imposed by such countries,

which will reduce the return on those investments. If, at the close of its

taxable year, more than 50% of the value of the Fund's total assets

consists of securities of foreign corporations, including for this purpose

foreign governments, the Fund will be permitted to make an election

under the Code that will, subject to certain limitations, generally allow

shareholders a deduction or credit for foreign taxes paid by the Fund. If

the Fund does not qualify for or chooses not to make such an election,

shareholders will not be entitled to claim a credit or deduction for

U.S. federal income tax purposes with respect to foreign taxes paid by

the Fund; in that case the foreign tax will nonetheless reduce the Fund's

taxable income. Even if the Fund elects to pass through to its

shareholders foreign tax credits or deductions, tax-exempt shareholders

and those who invest in the Fund through tax-advantaged accounts such

as IRAs will not benefit from any such tax credit or deduction.

Taxes When you Dispose of Your Common Shares

Any gain resulting from the disposition of Common Shares that is treated

as a sale or exchange for U.S. federal income tax purposes generally will

be taxable to shareholders as capital gains for U.S. federal income tax

purposes.

Shareholders who offer, and are able to sell all of the Common Shares

they hold or are deemed to hold in response to a repurchase offer (as

described above) generally will be treated as having sold their shares and

generally will recognize a capital gain or loss. In the case of shareholders

who tender or are able to sell fewer than all of their shares, it is possible

that any amounts that the shareholder receives in such repurchase will

be taxable as a dividend to such shareholder. In addition, there is a risk

that shareholders who do not tender any of their shares for repurchase,

or whose percentage interest in the Fund otherwise increases as a result

of the repurchase offer, will be treated for U.S. federal income tax

purposes as having received a taxable dividend distribution as a result of

their proportionate increase in the ownership of the Fund. The Fund's use

of cash to repurchase shares could adversely affect its ability to satisfy

the distribution requirements for treatment as a RIC. The Fund could also

recognize income in connection with its disposition of portfolio securities

to fund share repurchases. Any such income would be taken into account

in determining whether the Fund has satisfied any applicable distribution

requirements.

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Backup Withholding

The Fund is generally required to withhold and remit to the U.S. Treasury

a percentage of the taxable distributions and redemption proceeds paid

to any shareholder who fails to properly furnish the Fund with a correct

taxpayer identification number, who has under-reported dividend or

interest income, or who fails to certify to the Fund that he, she or it is not

subject to such withholding. The backup withholding rules may also

apply to distributions that are properly reported as exempt-interest

dividends.

General

The foregoing discussion relates solely to U.S. federal income tax laws.

Dividends and distributions also may be subject to state and local taxes.

Shareholders are urged to consult their tax advisors regarding specific

questions as to federal, state, local, and, where applicable, foreign taxes.

Foreign investors should consult their tax advisors concerning the tax

consequences of ownership of Common Shares of the Fund. The

foregoing is a general and abbreviated summary of the applicable

provisions of the Code and related regulations currently in effect. For the

complete provisions, reference should be made to the pertinent Code

sections and regulations. The Code and regulations are subject to change

by legislative or administrative actions. Please see "Taxation" in the

Statement of Additional Information for additional information regarding

the tax aspects of investing in Common Shares of the Fund.

Shareholder Servicing Agent, Custodian and Transfer

Agent

The primary custodian of the assets of the Fund is State Street Bank and

Trust Company. State Street Bank and Trust Company's principal business

address is 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108. The

primary custodian performs custodial and fund accounting services as

well as sub-administrative and compliance services on behalf of the

Fund. UMB Bank, n.a. also serves as a custodian of the Fund for the

purpose of processing investor subscriptions and repurchases. UMB

Bank, n.a.'s principal business address is 1010 Grand Boulevard, Kansas

City, MO 64106.

SS&C Global Investor and Distribution Solutions, Inc., 801 Pennsylvania

Avenue, Suite 219993, Kansas City, MO 64105-1307, serves as the

Fund's transfer agent, registrar, dividend disbursement agent and

shareholder servicing agent, as well as agent for the Plan.

Independent Registered Public Accounting Firm

PwC, 1100 Walnut Street, Suite 1300, Kansas City, MO 64106, serves as

independent registered public accounting firm for the Fund. PwC

provides audit services, tax assistance and consultation in connection

with review of SEC and IRS filings.

Legal Matters

Certain legal matters will be passed on for the Fund by Ropes & Gray LLP,

800 Boylston Street, Prudential Tower, Boston, Massachusetts

02199-3600.

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Appendix A

Description of Securities Ratings

The Fund's investments may range in quality from securities rated in the

lowest category in which the Fund is permitted to invest to securities

rated in the highest category (as rated by Moody's, S&P or Fitch, or, if

unrated, determined by PIMCO to be of comparable quality) to

securities so rated. The percentage of the Fund's assets invested in

securities in a particular rating category will vary. The following terms

are generally used to describe the credit quality of fixed income

securities:

High Quality Debt Securities

are those rated in one of the two highest

rating categories (the highest category for commercial paper) or, if

unrated, deemed comparable by PIMCO.

Investment Grade Debt Securities

are those rated in one of the four

highest rating categories, or, if unrated, deemed comparable by PIMCO.

Below Investment Grade High Yield Securities ("Junk Bonds"),

are

those rated lower than Baa by Moody's, BBB by S&P or Fitch, and

comparable securities. They are deemed predominantly speculative with

respect to the issuer's ability to repay principal and interest.

The following is a description of Moody's, S&P and Fitch's rating

categories applicable to fixed income securities.

Moody's Ratings

Global Long-Term Rating Scale

Ratings assigned on Moody's global long-term rating scale are

forward-looking opinions of the relative credit risks of financial

obligations issued by non-financial corporates, financial institutions,

structured finance vehicles, project finance vehicles, and public sector

entities. Long-term ratings are assigned to issuers or obligations with an

original maturity of eleven months or more and reflect both on the

likelihood of a default or impairment on contractual financial

obligations and the expected financial loss suffered in the event of

default or impairment.

Aaa: Obligations rated Aaa are judged to be of the highest quality,

subject to the lowest level of credit risk.

Aa: Obligations rated Aa are judged to be of high quality and are

subject to very low credit risk.

A: Obligations rated A are judged to be upper-medium grade and are

subject to low credit risk.

Baa: Obligations rated Baa are judged to be medium-grade and subject

to moderate credit risk and as such may possess certain speculative

characteristics.

Ba: Obligations rated Ba are judged to be speculative and are subject to

substantial credit risk.

B: Obligations rated B are considered speculative and are subject to

high credit risk.

Caa: Obligations rated Caa are judged to be speculative of poor

standing and are subject to very high credit risk.

Ca: Obligations rated Ca are highly speculative and are likely in, or very

near, default, with some prospect of recovery of principal and interest.

C: Obligations rated C are the lowest rated and are typically in default,

with little prospect for recovery of principal or interest.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating

classification from Aa through Caa. The modifier 1 indicates that the

obligation ranks in the higher end of its generic rating category; the

modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a

ranking in the lower end of that generic rating category. Additionally, a

"(hyb)" indicator is appended to all ratings of hybrid securities issued by

banks, insurers, finance companies, and securities firms.\*

\* By their terms, hybrid securities allow for the omission of scheduled

dividends, interest, or principal payments, which can potentially result in

impairment if such an omission occurs. Hybrid securities may also be

subject to contractually allowable write-downs of principal that could

result in impairment. Together with the hybrid indicator, the long-term

obligation rating assigned to a hybrid security is an expression of the

relative credit risk associated with that security.

Medium-Term Note Program Ratings

Moody's assigns provisional ratings to medium-term note (MTN) or

similar programs and definitive ratings to the individual debt securities

issued from them (referred to as drawdowns or notes).

MTN program ratings are intended to reflect the ratings likely to be

assigned to drawdowns issued from the program with the specified

priority of claim (e.g.

, senior or subordinated). To capture the contingent

nature of a program rating, Moody's assigns provisional ratings to MTN

programs. A provisional rating is denoted by a (P) in front of the rating.

The rating assigned to a drawdown from a rated MTN or bank/deposit

note program is definitive in nature, and may differ from the program

rating if the drawdown is exposed to additional credit risks besides the

issuer's default, such as links to the defaults of other issuers, or has

other structural features that warrant a different rating. In some

circumstances, no rating may be assigned to a drawdown.

Moody's encourages market participants to contact Moody's Ratings

Desks or visit moodys.com directly if they have questions regarding

ratings for specific notes issued under a medium-term note program.

Unrated notes issued under an MTN program may be assigned an NR

(not rated) symbol.

Global Short-Term Rating Scale

Ratings assigned on Moody's global short-term rating scale are

forward-looking opinions of the relative credit risks of financial

obligations issued by non-financial corporates, financial institutions,

structured finance vehicles, project finance vehicles, and public sector

entities. Short-term ratings are assigned to obligations with an original

maturity of thirteen months or less and reflect both on the likelihood of

a default or impairment on contractual financial obligations and the

expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative

repayment ability of rated issuers:

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P-1: Ratings of Prime-1 reflect a superior ability to repay short-term

obligations.

P-2: Ratings of Prime-2 reflect a strong ability to repay short-term

obligations.

P-3: Ratings of Prime-3 reflect an acceptable ability to repay short-term

obligations.

NP: Issuers (or supporting institutions) rated Not Prime do not fall within

any of the Prime rating categories.

National Scale Long-Term Ratings

Moody's long-term National Scale Ratings (NSRs) are opinions of the

relative creditworthiness of issuers and financial obligations within a

particular country. NSRs are not designed to be compared among

countries; rather, they address relative credit risk within a given country.

Moody's assigns national scale ratings in certain local capital markets in

which investors have found the global rating scale provides inadequate

differentiation among credits or is inconsistent with a rating scale

already in common use in the country.

In each specific country, the last two characters of the rating indicate

the country in which the issuer is located or the financial obligation was

issued (e.g.,

Aaa.ke for Kenya).

Aaa.n: Issuers or issues rated Aaa.n demonstrate the strongest

creditworthiness relative to other domestic issuers and issuances.

Aa.n: Issuers or issues rated Aa.n demonstrate very strong

creditworthiness relative to other domestic issuers and issuances.

A.n: Issuers or issues rated A.n demonstrate above-average

creditworthiness relative to other domestic issuers and issuances.

Baa.n: Issuers or issues rated Baa.n demonstrate average

creditworthiness relative to other domestic issuers and issuances.

Ba.n: Issuers or issues rated Ba.n demonstrate below-average

creditworthiness relative to other domestic issuers and issuances.

B.n: Issuers or issues rated B.n demonstrate weak creditworthiness

relative to other domestic issuers and issuances.

Caa.n: Issuers or issues rated Caa.n demonstrate very weak

creditworthiness relative to other domestic issuers and issuances.

Ca.n: Issuers or issues rated Ca.n demonstrate extremely weak

creditworthiness relative to other domestic issuers and issuances.

C.n: Issuers or issues rated C.n demonstrate the weakest

creditworthiness relative to other domestic issuers and issuances.

Moody's appends numerical modifiers 1, 2, and 3 to each generic rating

classification from Aa through Caa. The modifier 1 indicates that the

obligation ranks in the higher end of its generic rating category; the

modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a

ranking in the lower end of that generic rating category.

National Scale Short-Term Ratings

Moody's short-term NSRs are opinions of the ability of issuers or

issuances in a given country, relative to other domestic issuers or

issuances, to repay debt obligations that have an original maturity not

exceeding thirteen months. Short-term NSRs in one country should not

be compared with short-term NSRs in another country, or with Moody's

global ratings. There are four categories of short-term national scale

ratings, generically denoted N-1 through N-4 as defined below.

In each specific country, the first two letters indicate the country in

which the issuer is located (e.g.

, KE-1 through KE-4 for Kenya).

N-1: N-1 issuers or issuances represent the strongest likelihood of

repayment of short-term debt obligations relative to other domestic

issuers or issuances.

N-2: N-2 issuers or issuances represent an above average likelihood of

repayment of short-term debt obligations relative to other domestic

issuers or issuances.

N-3: N-3 issuers or issuances represent an average likelihood of

repayment of short-term debt obligations relative to other domestic

issuers or issuances.

N-4: N-4 issuers or issuances represent a below average likelihood of

repayment of short-term debt obligations relative to other domestic

issuers or issuances.

The short-term rating symbols P-1.za, P-2.za, P-3.za and NP.za are used

in South Africa.

Short-Term Obligation Ratings

The Municipal Investment Grade (MIG) scale is used for U.S. municipal

cash flow notes, bond anticipation notes and certain other short-term

obligations, which typically mature in three years or less.

MIG 1: This designation denotes superior credit quality. Excellent

protection is afforded by established cash flows, highly reliable liquidity

support, or demonstrated broad-based access to the market for

refinancing.

MIG 2: This designation denotes strong credit quality. Margins of

protection are ample, although not as large as in the preceding group.

MIG 3: This designation denotes acceptable credit quality. Liquidity and

cash-flow protection may be narrow, and market access for refinancing

is likely to be less well-established.

SG: This designation denotes speculative-grade credit quality. Debt

instruments in this category may lack sufficient margins of protection.

Demand Obligation Ratings

For variable rate demand obligations (VRDOs), a two-component rating

is assigned. Moody's assigns both a long-term rating and a short-term

payment obligation rating. The long-term rating addresses the issuer's

ability to meet scheduled principal and interest payments. The

short-term payment obligation rating addresses the ability of the issuer

or the liquidity provider to meet any purchase price payment obligation

resulting from optional tenders ("on demand") and/or mandatory

tenders of the VRDO. The short-term payment obligation rating uses the

Variable Municipal Investment Grade (VMIG) scale.

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For VRDOs, Moody's typically assigns a VMIG rating if the frequency of

the payment obligation is less than every three years. If the frequency of

the payment obligation is less than three years, but the obligation is

payable only with remarketing proceeds, the VMIG short-term rating is

not assigned and it is denoted as "NR".

VMIG 1: This designation denotes superior credit quality. Excellent

protection is afforded by the superior short-term credit strength of the

liquidity provider and structural and legal protections.

VMIG 2: This designation denotes strong credit quality. Good protection

is afforded by the strong short-term credit strength of the liquidity

provider and structural and legal protections.

VMIG 3: This designation denotes acceptable credit quality. Adequate

protection is afforded by the satisfactory short-term credit strength of

the liquidity provider and structural and legal protections.

SG: This designation denotes speculative-grade credit quality. Demand

features rated in this category may be supported by a liquidity provider

that does not have a sufficiently strong short-term rating or may lack

the structural or legal protections.

S&P Global Ratings

Long-Term Issue Credit Ratings\*

Issue credit ratings are based, in varying degrees, on S&P Global

Ratings' ("S&P") analysis of the following considerations:

■

Likelihood of payment—capacity and willingness of the obligor to

meet its financial commitments on an obligation in accordance

with the terms of the obligation;

■

Nature and provisions of the financial obligation and the promise

S&P imputes; and

■

Protection afforded by, and relative position of, the financial

obligation in the event of a bankruptcy, reorganization, or other

arrangement under the laws of bankruptcy and other laws

affecting creditors' rights.

Issue ratings are an assessment of default risk, but may incorporate an

assessment of relative seniority or ultimate recovery in the event of

default. Junior obligations are typically rated lower than senior

obligations, to reflect lower priority in bankruptcy, as noted above. (Such

differentiation may apply when an entity has both senior and

subordinated obligations, secured and unsecured obligations, or

operating company and holding company obligations.)

Investment Grade

AAA: An obligation rated 'AAA' has the highest rating assigned by S&P.

The obligor's capacity to meet its financial commitments on the

obligation is extremely strong.

AA: An obligation rated 'AA' differs from the highest-rated obligations

only to a small degree. The obligor's capacity to meet its financial

commitments on the obligation is very strong.

A: An obligation rated 'A' is somewhat more susceptible to the adverse

effects of changes in circumstances and economic conditions than

obligations in higher-rated categories. However, the obligor's capacity to

meet its financial commitments on the obligation is still strong.

BBB: An obligation rated 'BBB' exhibits adequate protection parameters.

However, adverse economic conditions or changing circumstances are

more likely to weaken the obligor's capacity to meet its financial

commitments on the obligation.

Speculative Grade

Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having

significant speculative characteristics. 'BB' indicates the least degree of

speculation and 'C' the highest. While such obligations will likely have

some quality and protective characteristics, these may be outweighed by

large uncertainties or major exposure to adverse conditions.

BB: An obligation rated 'BB' is less vulnerable to nonpayment than other

speculative issues. However, it faces major ongoing uncertainties or

exposure to adverse business, financial, or economic conditions that

could lead to the obligor's inadequate capacity to meet its financial

commitments on the obligation.

B: An obligation rated 'B' is more vulnerable to nonpayment than

obligations rated 'BB', but the obligor currently has the capacity to meet

its financial commitments on the obligation. Adverse business, financial,

or economic conditions will likely impair the obligor's capacity or

willingness to meet its financial commitments on the obligation.

CCC: An obligation rated 'CCC' is currently vulnerable to nonpayment,

and is dependent upon favorable business, financial, and economic

conditions for the obligor to meet its financial commitments on the

obligation. In the event of adverse business, financial, or economic

conditions, the obligor is not likely to have the capacity to meet its

financial commitments on the obligation.

CC: An obligation rated 'CC' is currently highly vulnerable to

nonpayment. The 'CC' rating is used when a default has not yet

occurred, but S&P expects default to be a virtual certainty, regardless of

the anticipated time to default.

C: An obligation rated 'C' is currently highly vulnerable to nonpayment,

and the obligation is expected to have lower relative seniority or lower

ultimate recovery compared with obligations that are rated higher.

D: An obligation rated 'D' is in default or in breach of an imputed

promise. For non-hybrid capital instruments, the 'D' rating category is

used when payments on an obligation are not made on the date due,

unless S&P believes that such payments will be made within the next

five business days in the absence of a stated grace period or within the

earlier of the stated grace period or the next 30 calendar days. The 'D'

rating also will be used upon the filing of a bankruptcy petition or the

taking of similar action and where default on an obligation is a virtual

certainty, for example due to automatic stay provisions. A rating on an

obligation is lowered to 'D' if it is subject to a distressed debt

restructuring.

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\*Ratings from 'AA' to 'CCC' may be modified by the addition of a plus

(+) or minus (-) sign to show relative standing within the rating

categories.

Short-Term Issue Credit Ratings

A-1: A short-term obligation rated 'A-1' is rated in the highest category

by S&P. The obligor's capacity to meet its financial commitments on the

obligation is strong. Within this category, certain obligations are

designated with a plus sign (+). This indicates that the obligor's capacity

to meet its financial commitments on these obligations is extremely

strong.

A-2: A short-term obligation rated 'A-2' is somewhat more susceptible

to the adverse effects of changes in circumstances and economic

conditions than obligations in higher rating categories. However, the

obligor's capacity to meet its financial commitments on the obligation is

satisfactory.

A-3: A short-term obligation rated 'A-3' exhibits adequate protection

parameters. However, adverse economic conditions or changing

circumstances are more likely to weaken an obligor's capacity to meet

its financial commitments on the obligation.

B: A short-term obligation rated 'B' is regarded as vulnerable and has

significant speculative characteristics. The obligor currently has the

capacity to meet its financial commitments; however, it faces major

ongoing uncertainties that could lead to the obligor's inadequate

capacity to meet its financial commitments.

C: A short-term obligation rated 'C' is currently vulnerable to

nonpayment and is dependent upon favorable business, financial, and

economic conditions for the obligor to meet its financial commitments

on the obligation.

D: A short-term obligation rated 'D' is in default or in breach of an

imputed promise. For non-hybrid capital instruments, the 'D' rating

category is used when payments on an obligation are not made on the

date due, unless S&P believes that such payments will be made within

any stated grace period. However, any stated grace period longer than

five business days will be treated as five business days. The 'D' rating

also will be used upon the filing of a bankruptcy petition or the taking

of a similar action and where default on an obligation is a virtual

certainty, for example due to automatic stay provisions. A rating on an

obligation is lowered to 'D' if it is subject to a distressed debt

restructuring.

Dual Ratings: Dual ratings may be assigned to debt issues that have a

put option or demand feature. The first component of the rating

addresses the likelihood of repayment of principal and interest as due,

and the second component of the rating addresses only the demand

feature. The first component of the rating can relate to either a

short-term or long-term transaction and accordingly use either

short-term or long-term rating symbols. The second component of the

rating relates to the put option and is assigned a short-term rating

symbol (for example, 'AAA/A-1+' or 'A-1+/ A-1'). With U.S. municipal

short-term demand debt, the U.S. municipal short-term note rating

symbols are used for the first component of the rating (for example,

'SP-1+/A-1+').

Active Qualifiers

S&P uses the following qualifiers that limit the scope of a rating. The

structure of the transaction can require the use of a qualifier such as a

'p' qualifier, which indicates the rating addresses the principal portion of

the obligation only. A qualifier appears as a suffix and is part of the

rating.

L: Ratings qualified with 'L' apply only to amounts invested up to federal

deposit insurance limits.

p: This suffix is used for issues in which the credit factors, the terms, or

both, that determine the likelihood of receipt of payment of principal are

different from the credit factors, terms or both that determine the

likelihood of receipt of interest on the obligation. The 'p' suffix indicates

that the rating addresses the principal portion of the obligation only and

that the interest is not rated.

prelim: Preliminary ratings, with the 'prelim' suffix, may be assigned to

obligors or obligations, including financial programs, in the

circumstances described below. Assignment of a final rating is

conditional on the receipt by S&P of appropriate documentation. S&P

reserves the right not to issue a final rating. Moreover, if a final rating is

issued, it may differ from the preliminary rating.

■

Preliminary ratings may be assigned to obligations, most

commonly structured and project finance issues, pending receipt

of final documentation and legal opinions.

■

Preliminary ratings may be assigned to obligations that will likely

be issued upon the obligor's emergence from bankruptcy or

similar reorganization, based on late-stage reorganization plans,

documentation, and discussions with the obligor. Preliminary

ratings may also be assigned to the obligors. These ratings

consider the anticipated general credit quality of the reorganized

or post-bankruptcy issuer as well as attributes of the anticipated

obligation(s).

■

Preliminary ratings may be assigned to entities that are being

formed or that are in the process of being independently

established when, in S&P's opinion, documentation is close to

final. Preliminary ratings may also be assigned to the obligations

of these entities.

■

Preliminary ratings may be assigned when a previously unrated

entity is undergoing a well-formulated restructuring,

recapitalization, significant financing or other transformative

event, generally at the point that investor or lender commitments

are invited. The preliminary rating may be assigned to the entity

and to its proposed obligation(s). These preliminary ratings

consider the anticipated general credit quality of the obligor, as

well as attributes of the anticipated obligation(s), assuming

successful completion of the transformative event. Should the

transformative event not occur, S&P would likely withdraw these

preliminary ratings.

■

A preliminary recovery rating may be assigned to an obligation

that has a preliminary issue credit rating.

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t: This symbol indicates termination structures that are designed to

honor their contracts to full maturity or, should certain events occur, to

terminate and cash settle all their contracts before their final maturity

date.

cir: This symbol indicates a Counterparty Instrument Rating (CIR), which

is a forward-looking opinion about the creditworthiness of an issuer in a

securitization structure with respect to a specific financial obligation to

a counterparty (including interest rate swaps, currency swaps, and

liquidity facilities). The CIR is determined on an ultimate payment basis;

these opinions do not take into account timeliness of payment.

Inactive Qualifiers (no longer applied or outstanding)

\*: This symbol indicated that the rating was contingent upon S&P

receipt of an executed copy of the escrow agreement or closing

documentation confirming investments and cash flows. Discontinued

use in August 1998.

c: This qualifier was used to provide additional information to investors

that the bank may terminate its obligation to purchase tendered bonds

if the long-term credit rating of the issuer was lowered to below an

investment-grade level and/or the issuer's bonds were deemed taxable.

Discontinued use in January 2001.

G: The letter 'G' followed the rating symbol when a fund's portfolio

consisted primarily of direct U.S. government securities.

i: This suffix was used for issues in which the credit factors, terms, or

both that determine the likelihood of receipt of payment of interest are

different from the credit factors, terms, or both that determine the

likelihood of receipt of principal on the obligation. The 'i' suffix indicated

that the rating addressed the interest portion of the obligation only. The

'i' suffix was always used in conjunction with the 'p' suffix, which

addresses likelihood of receipt of principal. For example, a rated

obligation could have been assigned a rating of 'AAApNRi' indicating

that the principal portion was rated 'AAA' and the interest portion of

the obligation was not rated.

pi: This qualifier was used to indicate ratings that were based on an

analysis of an issuer's published financial information, as well as

additional information in the public domain. Such ratings did not,

however, reflect in-depth meetings with an issuer's management and

therefore, could have been based on less comprehensive information

than ratings without a 'pi' suffix. Discontinued use as of December 2014

and as of August 2015 for Lloyd's Syndicate Assessments.

pr: The letters 'pr' indicate that the rating was provisional. A provisional

rating assumed the successful completion of a project financed by the

debt being rated and indicates that payment of debt service

requirements was largely or entirely dependent upon the successful,

timely completion of the project. This rating, however, while addressing

credit quality subsequent to completion of the project, made no

comment on the likelihood of or the risk of default upon failure of such

completion.

q: A 'q' subscript indicates that the rating is based solely on quantitative

analysis of publicly available information. Discontinued use in April

2001. r: The 'r' modifier was assigned to securities containing extraordinary

risks, particularly market risks, that are not covered in the credit rating.

The absence of an 'r' modifier should not be taken as an indication that

an obligation would not exhibit extraordinary noncredit-related risks.

S&P discontinued the use of the 'r' modifier for most obligations in June

2000 and for the balance of obligations (mainly structured finance

transactions) in November 2002.

Fitch Ratings

Long-Term Credit Ratings

Investment Grade

Rated entities in a number of sectors, including financial and

non-financial corporations, sovereigns, insurance companies and certain

sectors within public finance, are generally assigned Issuer Default

Ratings ("IDRs"). IDRs are also assigned to certain entities or

enterprises in global infrastructure, project finance and public finance.

IDRs opine on an entity's relative vulnerability to default (including by

way of a distressed debt exchange) on financial obligations. The

threshold default risk addressed by the IDR is generally that of the

financial obligations whose non-payment would best reflect the

uncured failure of that entity. As such, IDRs also address relative

vulnerability to bankruptcy, administrative receivership or similar

concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the

agency's view of their relative vulnerability to default, rather than a

prediction of a specific percentage likelihood of default.

AAA: Highest credit quality. 'AAA' ratings denote the lowest expectation

of default risk. They are assigned only in cases of exceptionally strong

capacity for payment of financial commitments. This capacity is highly

unlikely to be adversely affected by foreseeable events.

AA: Very high credit quality. 'AA' ratings denote expectations of very low

default risk. They indicate very strong capacity for payment of financial

commitments. This capacity is not significantly vulnerable to foreseeable

events.

A: High credit quality. 'A' ratings denote expectations of low default risk.

The capacity for payment of financial commitments is considered strong.

This capacity may, nevertheless, be more vulnerable to adverse business

or economic conditions than is the case for higher ratings.

BBB: Good credit quality. 'BBB' ratings indicate that expectations of

default risk are currently low. The capacity for payment of financial

commitments is considered adequate, but adverse business or economic

conditions are more likely to impair this capacity.

Speculative Grade

BB: Speculative. 'BB' ratings indicate an elevated vulnerability to default

risk, particularly in the event of adverse changes in business or

economic conditions over time; however, business or financial flexibility

exists that supports the servicing of financial commitments.

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B: Highly speculative. 'B' ratings indicate that material default risk is

present, but a limited margin of safety remains. Financial commitments

are currently being met; however, capacity for continued payment is

vulnerable to deterioration in the business and economic environment.

CCC: Substantial credit risk. Very low margin for safety. Default is a real

possibility.

CC: Very high levels of credit risk. Default of some kind appears

probable.

C: Near default.

A default or default-like process has begun, or for a closed funding

vehicle, payment capacity is irrevocably impaired. Conditions that are

indicative of a 'C' category rating for an issuer include:

a. the issuer has entered into a grace or cure period following

non-payment of a material financial obligation;

b. the formal announcement by the issuer or their agent of a distressed

debt exchange;

c. a closed financing vehicle where payment capacity is irrevocably

impaired such that it is not expected to pay interest and/or principal in

full during the life of the transaction, but where no payment default is

imminent.

RD: Restricted default. 'RD' ratings indicate an issuer that in Fitch's

opinion has experienced an uncured payment default or distressed debt

exchange on a bond, loan or other material financial obligation but has

not entered into bankruptcy filings, administration, receivership,

liquidation or other formal winding-up procedure, and has not

otherwise ceased operating. This would include:

i. the selective payment default on a specific class or currency of debt;

ii. the uncured expiry of any applicable original grace period, cure period

or default forbearance period following a payment default on a bank

loan, capital markets security or other material financial obligation.

D: Default. 'D' ratings indicate an issuer that in Fitch's opinion has

entered into bankruptcy filings, administration, receivership, liquidation

or other formal winding-up procedure or that has otherwise ceased

business and debt is still outstanding. Default ratings are not assigned

prospectively to entities or their obligations; within this context,

non-payment on an instrument that contains a deferral feature or grace

period will generally not be considered a default until after the

expiration of the deferral or grace period, unless a default is otherwise

driven by bankruptcy or other similar circumstance, or by a distressed

debt exchange.

The modifiers "+" or "-" may be appended to a rating to denote

relative status within major rating categories. For example, the rating

category 'AA' has three notch-specific rating levels ('AA+'; 'AA'; 'AA-';

each a rating level). Such suffixes are not added to 'AAA' ratings and

ratings below the 'CCC' category.

Recovery Ratings

Recovery Ratings are assigned to selected individual securities and

obligations, most frequently for individual obligations of corporate

finance issuers with IDRs in speculative grade categories.

Among the factors that affect recovery rates for securities are the

collateral, the seniority relative to other obligations in the capital

structure (where appropriate), and the expected value of the company

or underlying collateral in distress.

The Recovery Rating scale is based on the expected relative recovery

characteristics of an obligation upon the curing of a default, emergence

from insolvency or following the liquidation or termination of the

obligor or its associated collateral.

Recovery Ratings are an ordinal scale and do not attempt to precisely

predict a given level of recovery. As a guideline in developing the rating

assessments, the agency employs broad theoretical recovery bands in its

ratings approach based on historical averages and analytical judgment,

but actual recoveries for a given security may deviate materially from

historical averages.

RR1:

Outstanding recovery prospects given default.

'RR1' rated

securities have characteristics consistent with securities historically

recovering 91%-100% of current principal and related interest.

RR2:

Superior recovery prospects given default.

'RR2' rated securities

have characteristics consistent with securities historically recovering

71%-90% of current principal and related interest.

RR3:

Good recovery prospects given default.

'RR3' rated securities have

characteristics consistent with securities historically recovering

51%-70% of current principal and related interest.

RR4:

Average recovery prospects given default.

'RR4' rated securities

have characteristics consistent with securities historically recovering

31%-50% of current principal and related interest.

RR5:

Below average recovery prospects given default.

'RR5' rated

securities have characteristics consistent with securities historically

recovering 11%-30% of current principal and related interest.

RR6:

Poor recovery prospects given default.

'RR6' rated securities have

characteristics consistent with securities historically recovering 0%-10%

of current principal and related interest.

Short-Term Credit Ratings

A short-term issuer or obligation rating is based in all cases on the

short-term vulnerability to default of the rated entity and relates to the

capacity to meet financial obligations in accordance with the

documentation governing the relevant obligation. Short-term deposit

ratings may be adjusted for loss severity. Short-Term Ratings are

assigned to obligations whose initial maturity is viewed as "short term"

based on market convention (a long-term rating can also be used to rate

an issue with short maturity). Typically, this means a timeframe of up to

13 months for corporate, sovereign, and structured obligations, and up

to 36 months for obligations in U.S. public finance markets.

F1:

Highest short-term credit quality.

Indicates the strongest intrinsic

capacity for timely payment of financial commitments; may have an

added "+" to denote any exceptionally strong credit feature.

F2:

Good short-term credit quality.

Good intrinsic capacity for timely

payment of financial commitments.

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F3:

Fair short-term credit quality.

The intrinsic capacity for timely

payment of financial commitments is adequate.

B:

Speculative short-term credit quality.

Minimal capacity for timely

payment of financial commitments, plus heightened vulnerability to near

term adverse changes in financial and economic conditions.

C:

High short-term default risk.

Default is a real possibility.

RD:

Restricted default.

Indicates an entity that has defaulted on one or

more of its financial commitments, although it continues to meet other

financial obligations. Typically applicable to entity ratings only.

D:

Default.

Indicates a broad-based default event for an entity, or the

default of a short-term obligation.

For the short-term rating category of 'F1', a '+' may be appended. For

VRs, the modifiers "+" or "–" may be appended to a rating to denote

relative status within categories from 'aa' to 'ccc'. For Derivative

Counterparty Ratings, the modifiers "+" or "–" may be appended to

the ratings within 'AA(dcr)' to 'CCC(dcr)' categories.

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October 31, 2025 (as supplemented January 6, 2026) \|

Prospectus

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As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual

shareholder reports will no longer be sent by mail, unless you specifically request paper copies from the Fund or from your financial

intermediary, such as a broker-dealer or bank. Instead, the shareholder reports will be made available on a website, and you will be

notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper

copies will be provided by the Fund or your financial intermediary. Paper copies of the Fund's shareholder reports are required to be

provided free of charge by the Fund or financial intermediary.

PIF0003_010626

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