All data as of 31st January 2024, unless otherwise indicated.

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative. Click here for a complete list of the PIMCO Funds prospectuses and summary prospectuses. Please read them carefully before you invest or send money.

Managed Accounts: The managed account strategies described in this material are offered by Pacific Investment Management Company LLC and are available exclusively through financial professionals. Managed accounts have a minimum asset level and may not be appropriate for all investors. For more information about this product, contact your financial advisor. Financial professionals seeking more information should contact their managed accounts department or call their PIMCO representative.

Exchange Traded Funds (“ETF”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with ETFs are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not NAV). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus. Buying or selling ETF shares on an exchange may require the payment of fees, such as brokerage commissions, and other fees to financial intermediaries. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading. Current holdings are subject to risk. Holdings are subject to change at any time. An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value(NAV) will fluctuate with changes in market conditions. Investments may be worth more or less than the original cost when redeemed. ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETFshares will develop or be maintained, or that their listing will continue or remain unchanged. Premium/Discount is the difference between the market price and NAV expressed as a percentage of NAV.

Interval funds are an unlisted closed-end fund. Limited liquidity is provided to shareholders only through the fund’s quarterly offers to repurchase between 5% to 25% of its outstanding shares at net asset value (subject to applicable law and approval of the Board of Trustees, the Fund currently expects to offer to repurchase 10% of outstanding shares per quarter). It is important to note that differences exist between the fund’s daily internal accounting records, the fund’s financial statements prepared in accordance with U.S. GAAP, and reporting practices under income tax regulations. 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 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. Please see the fund’s most recent shareholder report for more details. The fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, 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 distribution rate at a future time. An investment in an interval fund is not appropriate for all investors. Unlike typical closed-end funds an interval fund’s shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. The Fund anticipates that no secondary market will develop for its shares. There is no guarantee that an investor will be able to tender all of their requested Fund shares in a periodic repurchase offer.

Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. Shares of closed-end funds may trade at a premium to their net asset value. Shares of closed-end funds frequently trade at a discount from their net asset value. This risk may be greater for investors who sell their shares relatively shortly after the initial public offering. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund annual and semi-annual report. For additional information, please contact your investment professional.

A word about risk:

Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. Equities may decline in value due to both real and perceived general market, economic and industry conditions.; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. Income from municipal bonds is exempt from federal tax but may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.

Please refer to the Fund’s prospectus for a complete overview of the primary risks associated with each Fund

PIMCO is committed to the integration of Environmental, Social and Governance ("ESG") factors into our broad research process and engaging with issuers on sustainability factors and our climate change investment analysis.  At PIMCO, we define ESG integration as the consistent consideration of material ESG factors into our investment research process, which may include, but are not limited to, climate change risks, diversity, inclusion and social equality, regulatory risks, human capital management, and others.  Further information is available in PIMCO’s Sustainable Investment  Policy Statement.

ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor, and the factors utilized by PIMCO may differ from the factors that any particular investor considers relevant in evaluating an issuer’s ESG practices. In evaluating an issuer, PIMCO is dependent upon information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, or present conflicting information and data with respect to an issuer, which in each case could cause PIMCO to incorrectly assess an issuer’s business practices with respect to its ESG practices. Socially responsible norms differ by region, and an issuer’s ESG practices or PIMCO’s assessment of an issuer’s ESG practices may change over time. There is no assurance that the ESG investing strategy or techniques employed will be successful.

Monthly Morningstar Rating™ as of 31st March 2024 for the institutional share class; other classes may have different performance characteristics. A rating is not a recommendation to buy, sell or hold a fund. The PIMCO National Municipal Intermediate Value Fund was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 3 Stars (261 funds rated); 3 Yrs. 3 Stars (261 funds rated); 5 Yrs. 3 Stars (238 funds rated). The PIMCO California Municipal Intermediate Value Fund was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 3 Stars (59 funds rated); 3 Yrs. 3 Stars (59 funds rated); 5 Yrs. 3 Stars (59 funds rated). The PIMCO National Municipal Opportunistic Value Fund was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 5 Stars (261 funds rated); 3 Yrs. 5 Stars (261 funds rated); 5 Yrs. 5 Stars (238 funds rated). The PIMCO California Municipal Opportunistic Value Fund was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 5 Stars (59 funds rated); 3 Yrs. 5 Stars (59 funds rated); 5 Yrs. 5 Stars (59 funds rated). The PIMCO California Intermediate Municipal Bond Fund was rated against the following numbers of Muni California Intermediate funds over the following time periods: Overall 4 Stars (59 funds rated); 3 Yrs. 4 Stars (59 funds rated); 5 Yrs. 4 Stars (59 funds rated); 10 Yrs. 3 Stars (46 funds rated). The PIMCO California Municipal Bond Fund was rated against the following numbers of Muni California Long funds over the following time periods: Overall 4 Stars (102 funds rated); 3 Yrs. 4 Stars (102 funds rated); 5 Yrs. 4 Stars (96 funds rated); 10 Yrs. 4 Stars (78 funds rated). The PIMCO California Short Duration Municipal Income Fund was rated against the following numbers of Muni Single State Short funds over the following time periods: Overall 4 Stars (38 funds rated); 3 Yrs. 5 Stars (38 funds rated); 5 Yrs. 4 Stars (34 funds rated); 10 Yrs. 3 Stars (29 funds rated). The PIMCO High Yield Municipal Bond Fund was rated against the following numbers of High Yield Muni funds over the following time periods: Overall 5 Stars (185 funds rated); 3 Yrs. 5 Stars (185 funds rated); 5 Yrs. 5 Stars (176 funds rated); 10 Yrs. 5 Stars (118 funds rated). The PIMCO Municipal Bond Fund was rated against the following numbers of Muni National Long funds over the following time periods: Overall 5 Stars (162 funds rated); 3 Yrs. 5 Stars (162 funds rated); 5 Yrs. 5 Stars (153 funds rated); 10 Yrs. 5 Stars (114 funds rated). The PIMCO National Intermediate Municipal Bond Fund was rated against the following numbers of Muni National Intermediate funds over the following time periods: Overall 5 Stars (261 funds rated); 3 Yrs. 5 Stars (261 funds rated); 5 Yrs. 5 Stars (238 funds rated); 10 Yrs. 4 Stars (177 funds rated). The PIMCO New York Municipal Bond Fund was rated against the following numbers of Muni New York Intermediate funds over the following time periods: Overall 5 Stars (42 funds rated); 3 Yrs. 5 Stars (42 funds rated); 5 Yrs. 5 Stars (42 funds rated); 10 Yrs. 5 Stars (35 funds rated). The PIMCO Short Duration Municipal Income Fund was rated against the following numbers of Muni National Short funds over the following time periods: Overall 4 Stars (209 funds rated); 3 Yrs. 4 Stars (209 funds rated); 5 Yrs. 5 Stars (197 funds rated); 10 Yrs. 4 Stars (143 funds rated). The PIMCO Intermediate Municipal Bond Active ETF was rated against the following numbers of Muni National Interm funds over the following time periods: Overall 4 Stars (261 funds rated); 3 Yrs. 4 Stars (261 funds rated); 5 Yrs. 4 Stars (238 funds rated); 10 Yrs. 3 Stars (177 funds rated). The PIMCO Short Term Municipal Bond Active ETF was rated against the following numbers of Muni National Short funds over the following time periods: Overall 4 Stars (209 funds rated); 3 Yrs. 4 Stars (209 funds rated); 5 Yrs. 4 Stars (197 funds rated); 10 Yrs. 4 Stars (143 funds rated). The PIMCO California Municipal Income Fund was rated against the following numbers of Muni California Long funds over the following time periods: Overall 3 Stars (12 funds rated); 3 Yrs. 1 Stars (12 funds rated); 5 Yrs. 2 Stars (12 funds rated); 10 Yrs. 5 Stars (12 funds rated). The PIMCO California Municipal Income Fund II was rated against the following numbers of Muni California Long funds over the following time periods: Overall 3 Stars (12 funds rated); 3 Yrs. 1 Stars (12 funds rated); 5 Yrs. 1 Stars (12 funds rated); 10 Yrs. 4 Stars (12 funds rated). The PIMCO California Municipal Income Fund III was rated against the following numbers of Muni California Long funds over the following time periods: Overall 3 Stars (12 funds rated); 3 Yrs. 2 Stars (12 funds rated); 5 Yrs. 1 Stars (12 funds rated); 10 Yrs. 5 Stars (12 funds rated). The PIMCO Municipal Income Fund was rated against the following numbers of Muni National Long funds over the following time periods: Overall 3 Stars (41 funds rated); 3 Yrs. 1 Stars (41 funds rated); 5 Yrs. 1 Stars (38 funds rated); 10 Yrs. 4 Stars (37 funds rated). The PIMCO Municipal Income Fund II was rated against the following numbers of Muni National Long funds over the following time periods: Overall 3 Stars (41 funds rated); 3 Yrs. 1 Stars (41 funds rated); 5 Yrs. 1 Stars (38 funds rated); 10 Yrs. 5 Stars (37 funds rated). The PIMCO Municipal Income Fund III was rated against the following numbers of Muni National Long funds over the following time periods: Overall 3 Stars (41 funds rated); 3 Yrs. 1 Stars (41 funds rated); 5 Yrs. 1 Stars (38 funds rated); 10 Yrs. 4 Stars (37 funds rated). The PIMCO New York Municipal Income Fund was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 3 Stars (12 funds rated); 3 Yrs. 1 Stars (12 funds rated); 5 Yrs. 1 Stars (12 funds rated); 10 Yrs. 4 Stars (12 funds rated). The PIMCO New York Municipal Income Fund II was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 3 Stars (12 funds rated); 3 Yrs. 1 Stars (12 funds rated); 5 Yrs. 1 Stars (12 funds rated); 10 Yrs. 5 Stars (12 funds rated). The PIMCO New York Municipal Income Fund III was rated against the following numbers of Muni New York Long funds over the following time periods: Overall 4 Stars (12 funds rated); 3 Yrs. 2 Stars (12 funds rated); 5 Yrs. 2 Stars (12 funds rated); 10 Yrs. 5 Stars (12 funds rated). A rating is not a recommendation to buy, sell or hold a fund. ©2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds, or ""star rating"", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2024, PIMCO

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

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