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. 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 Fund is a closed-end exchange traded investment company. 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.

Shares of this closed-end fund can trade at a discount to their net asset value. The Fund is non-diversified, meaning that a single economic political or other occurrence can pose greater risk to the Fund than would be the case for a more diversified fund. The Fund’s substantial investments in high-yield bonds and emerging markets securities may involve increased credit risk--the failure to pay interest, liquidation value or principal when due because of a decline in financial status. The Fund may invest in  non-U.S. securities, which may be more volatile than U.S. securities and may entail greater risk from political and economic instability. In particular, the Fund’s investments in emerging markets securities may involve greater risk from political and economic instability, more volatile currencies, more possible government interference in the economy combined with less stringent securities regulation and less publicly available financial information. The Fund’s investments in mortgage-backed and asset-backed securities may be affected by the recent liquidity problems of the subprime market and the sensitivity of these securities to fluctuating interest rates, in particular the risk that declining interest rates may cause mortgage prepayments, requiring the Fund to reinvest assets at lower prevailing interest rates. The Fund may use leverage to increase its net income, but these activities entail the risk that under certain market conditions the cost of leverage could exceed the return of the fund, reducing returns to shareholders. The Fund may also use derivatives, such as options contracts, swap agreements and short sales, which contain liquidity risk, risks of mispricing or improper valuation, and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset.

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-advisor is Pacific Investment Management Company LLC (PIMCO).