Mutual fund shareholders and managed account holders are required by law to pay taxes on distributions, regardless of whether distributions are paid out in cash or reinvested in additional shares. (This does not apply to mutual funds held in tax-advantaged accounts such as Individual Retirement Accounts (IRAs) and 401(k) and 403(b) accounts.)

Each fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income and any net capital gains. In addition to the distribution dates noted within the calendar above, additional distributions may be necessary to avoid imposition of excise tax. Please see our Statement of Additional Information for details on excise tax.

Distribution policies for mutual funds are outlined in the prospectus, located in the Mutual Funds Literature section.

Standardized total return performance and SEC yields can be found in the Performance and Prices & Yields summary.

PIMCO does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax or legal questions and concerns. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Any tax statements contained herein are not intended or written to be used, and cannot be relied upon or used for the purpose of avoiding penalties imposed by the Internal Revenue Service or state and local tax authorities. Individuals should consult their own legal and tax counsel as to matters discussed herein and before entering into any estate planning, trust, investment, retirement, or insurance arrangement.