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 1-800-254-5197. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund prospectus.

The Fund ordinarily invests in a diversified portfolio of floating and/or fixed-rate debt instruments. The fund may invest without limit in high yield, below investment grade, debt instruments. However the Fund may not invest more than 20% of its total assets in securities that are, at the time of purchase, rated CCC/Caa or below or unrated but judged by PIMCO to be of comparable quality. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. 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. Investing in non-U.S. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks may be enhanced in emerging markets.

NAV and Market Price Yields are calculated by annualizing the most recent regular distribution per share and dividing by the most recent month-end NAV or market price as applicable. The Fund's distributions may be comprised of ordinary income, net capital gains, return of capital or a combination thereof. Distribution rates on Fund common shares are subject to change and are not a quotation of fund performance. Please refer to the most recent Section 19 Notice, if applicable, for additional information regarding the composition of distributions.

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. 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 LLC. (NFJ).