This information is unaudited and is intended solely to report on investment strategies and opportunities identified by Allianz Global Investors. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. This is not an offer or solicitation for the purchase or sale of any financial instrument. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. There is no guarantee that these investment strategies will work under all market conditions and each investor should evaluate their ability to invest for a long-term especially during periods of downturn in the market.

The Funds are closed-end exchange traded investment companies. The material on this website is presented only to provide information and is not intended for trading purposes. Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares of closed-end funds are sold on the open market through a stock exchange. For additional information, contact your financial advisor or call 1-800-331-1710. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund prospectus.

Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. me. A fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes than a fund with broader geographical diversification. The use of leverage may cause a Fund to liquidate portfolio positions at a disadvantageous time to satisfy its obligations or to meet segregation requirements. Leverage, including borrowing, may cause a Fund to be more volatile than if the Fund had not been leveraged, which may increase the risk of investment loss. This Fund may use derivative instruments for hedging purposes or as part of its investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.

** Futures may also be used to manage the Fund portfolio's overall duration and sector exposure.

Taxable equivalent rate is the yield on a taxable investment that results in an after-tax yield equal to that of the Fund. It highlights the value of owning shares that are exempt from taxes. The formula used to calculate taxable equivalent yield is market price/(1-tax rate) whereby the tax rate is 41.05%. Please read the prospectus to learn more about the effect of taxes.

Allianz Global Investors Fund Management LLC, is an indirect, majority-owned subsidiary of Allianz Global Investors of America L.P., and is a member of Munich-based Allianz Group (NYSE | AZ). Allianz is a leading global financial services company. Allianz Global Investors Fund Management LLC serves as the Funds' investment manager, and the sub-advisors are Pacific Investment Management Company LLC (PIMCO), Oppenheimer Capital LLC (OPCAP), Nicholas Applegate Capital Management LLC (NACM), and NFJ Investment Group L.P. (NFJ).