0001193125-18-015966.txt : 20180122 0001193125-18-015966.hdr.sgml : 20180122 20180122160037 ACCESSION NUMBER: 0001193125-18-015966 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20180122 DATE AS OF CHANGE: 20180122 EFFECTIVENESS DATE: 20180122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIMCO FUNDS CENTRAL INDEX KEY: 0000810893 IRS NUMBER: 952632339 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-12113 FILM NUMBER: 18539879 BUSINESS ADDRESS: STREET 1: 650 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 949-720-6000 MAIL ADDRESS: STREET 1: 650 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 0000810893 S000009675 PIMCO All Asset All Authority Fund C000026506 Institutional PAUIX C000026507 A PAUAX C000026508 C PAUCX C000026509 D PAUDX C000031109 Administrative C000064130 Class P PAUPX 0000810893 S000009677 PIMCO Low Duration Income Fund C000026511 Institutional PFIIX C000026513 A PFIAX C000026514 C PFNCX C000026515 D PFIDX C000064131 Class P PFTPX 0000810893 S000009678 PIMCO Foreign Bond Fund (U.S. Dollar-Hedged) C000026516 Institutional PFORX C000026517 Administrative PFRAX C000026518 A PFOAX C000026520 C PFOCX C000026521 D PFODX C000026522 R PFRRX C000064132 Class P PFBPX 0000810893 S000009679 PIMCO Foreign Bond Fund (Unhedged) C000026523 Institutional PFUIX C000026524 A PFUAX C000026525 C PFRCX C000026526 D PFBDX C000031146 Administrative PFUUX C000064133 Class P PFUPX 0000810893 S000009681 PIMCO RAE Fundamental PLUS Fund C000026529 Institutional PXTIX C000026530 Administrative PXTAX C000026531 A PIXAX C000026532 C PIXCX C000026533 D PIXDX C000064135 Class P PIXPX 0000810893 S000009682 PIMCO Global Bond Fund (U.S. Dollar-Hedged) C000026534 Institutional PGBIX C000026535 Administrative PGDAX C000026536 A PAIIX C000026538 C PCIIX C000064136 Class P PGNPX 0000810893 S000009683 PIMCO Global Bond Fund (Unhedged) C000026539 Institutional PIGLX C000026540 Administrative PADMX C000069482 Class D PGBDX C000096285 Class P PGOPX C000198388 Class A 0000810893 S000009684 PIMCO GNMA Fund C000026541 Institutional PDMIX C000026542 A PAGNX C000026544 C PCGNX C000026545 D PGNDX C000064137 Class P PPGNX 0000810893 S000009685 PIMCO High Yield Fund C000026546 Institutional PHIYX C000026547 Administrative PHYAX C000026548 A PHDAX C000026550 C PHDCX C000026551 D PHYDX C000026552 R PHYRX C000064138 Class P PHLPX 0000810893 S000009686 PIMCO All Asset Fund C000026553 Institutional PAAIX C000026554 Administrative PAALX C000026555 A PASAX C000026557 C PASCX C000026558 D PASDX C000031163 R PATRX C000064139 Class P PALPX 0000810893 S000009687 PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged) C000026559 Institutional PISIX C000026560 A PIPAX C000026562 C PIPCX C000026563 D PIPDX C000064140 Class P PIUHX C000163794 R 0000810893 S000009688 PIMCO Investment Grade Corporate Bond Fund C000026564 Institutional PIGIX C000026565 Administrative PGCAX C000026566 A PBDAX C000026567 C PBDCX C000026568 D PBDDX C000064141 Class P PBDPX 0000810893 S000009690 PIMCO Long-Term U.S. Government Fund C000026570 Institutional PGOVX C000026571 Administrative PLGBX C000026572 A PFGAX C000026574 C PFGCX C000064142 Class P PLTPX C000148183 Class D 0000810893 S000009691 PIMCO Low Duration Fund C000026575 Institutional PTLDX C000026576 Administrative PLDAX C000026577 A PTLAX C000026579 C PTLCX C000026580 D PLDDX C000026581 R PLDRX C000064143 Class P PLDPX 0000810893 S000009692 PIMCO Low Duration Fund II C000026582 Institutional PLDTX C000026583 Administrative PDFAX 0000810893 S000009693 PIMCO Low Duration ESG Fund C000026584 Institutional PLDIX C000026585 Administrative PDRAX C000066770 Class P PLUPX 0000810893 S000009694 PIMCO Moderate Duration Fund C000026586 Institutional PMDRX C000031186 Administrative PMAOX C000085176 Class P PMOPX 0000810893 S000009696 PIMCO Municipal Bond Fund C000026592 Institutional PFMIX C000026594 A PMLAX C000026596 C PMLCX C000026597 D PMBDX C000064145 Class P PMUPX 0000810893 S000009697 PIMCO California Intermediate Municipal Bond Fund C000026598 Institutional PCIMX C000026600 A PCMBX C000026601 D PCIDX C000064146 Class P PCIPX C000080406 Class C PCFCX 0000810893 S000009698 PIMCO New York Municipal Bond Fund C000026602 Institutional PNYIX C000026603 A PNYAX C000026604 D PNYDX C000064147 Class P PNYPX C000080407 Class C PBFCX 0000810893 S000009699 PIMCO Real Return Asset Fund C000026605 Institutional PRAIX C000031202 Administrative C000096286 Class P PRTPX 0000810893 S000009700 PIMCO Real Return Fund C000026606 Institutional PRRIX C000026607 Administrative PARRX C000026608 A PRTNX C000026610 C PRTCX C000026611 D PRRDX C000026612 R PRRRX C000064148 Class P PRLPX 0000810893 S000009701 PIMCO RealEstateRealReturn Strategy Fund C000026613 Institutional PRRSX C000026614 A PETAX C000026616 C PETCX C000026617 D PETDX C000031208 Administrative C000064149 Class P PETPX 0000810893 S000009702 PIMCO Short Duration Municipal Income Fund C000026618 Institutional PSDIX C000026620 A PSDAX C000026621 C PSDCX C000026622 D PSDDX C000064150 Class P PSDPX 0000810893 S000009703 PIMCO Short-Term Fund C000026623 Institutional PTSHX C000026624 Administrative PSFAX C000026625 A PSHAX C000026627 C PFTCX C000026628 D PSHDX C000026629 R PTSRX C000064151 Class P PTSPX 0000810893 S000009704 PIMCO StocksPLUS Fund C000026630 Institutional PSTKX C000026631 Administrative PPLAX C000026632 A PSPAX C000026634 C PSPCX C000026635 D PSPDX C000026636 R PSPRX C000064152 Class P PSKPX 0000810893 S000009705 PIMCO StocksPLUS Absolute Return Fund C000026637 Institutional PSPTX C000026638 A PTOAX C000026640 C PSOCX C000026641 D PSTDX C000064153 Class P PTOPX C000163795 R 0000810893 S000009706 PIMCO StocksPLUS Short Fund C000026642 Institutional PSTIX C000031215 A PSSAX C000031217 C PSSCX C000035075 Class D PSSDX C000064154 Class P PSPLX 0000810893 S000009707 PIMCO Total Return Fund C000026643 Institutional PTTRX C000026644 Administrative PTRAX C000026645 A PTTAX C000026647 C PTTCX C000026648 D PTTDX C000026649 R PTRRX C000064155 Class P PTTPX 0000810893 S000009708 PIMCO CommodityRealReturn Strategy Fund C000026650 Institutional PCRIX C000026651 Administrative PCRRX C000026652 A PCRAX C000026654 C PCRCX C000026655 D PCRDX C000064156 Class P PCRPX C000088664 Class R PCSRX 0000810893 S000009709 PIMCO Total Return Fund II C000026656 Institutional PMBIX C000026657 Administrative PRADX C000082492 Class P PMTPX 0000810893 S000009710 PIMCO Total Return ESG Fund C000026658 Institutional PTSAX C000026659 Administrative PRFAX C000066771 Class P PRAPX 0000810893 S000009711 PIMCO Mortgage-Backed Securities Fund C000026660 Institutional PTRIX C000026661 Administrative PMTAX C000026662 A PMRAX C000026664 C PMRCX C000026665 D PTMDX C000064157 Class P PMRPX 0000810893 S000009713 PIMCO Emerging Markets Currency Fund C000026668 Institutional PLMIX C000026669 A PLMAX C000026670 C PLMCX C000026671 D PLMDX C000031237 Administrative PDEVX C000064159 Class P PLMPX 0000810893 S000009714 PIMCO Diversified Income Fund C000026672 Institutional PDIIX C000026673 Administrative PDAAX C000026674 A PDVAX C000026676 C PDICX C000026677 D PDVDX C000064160 Class P PDVPX 0000810893 S000009715 PIMCO Emerging Markets Bond Fund C000026678 Institutional PEBIX C000026679 Administrative PEBAX C000026680 A PAEMX C000026682 C PEBCX C000026683 D PEMDX C000064161 Class P PEMPX 0000810893 S000010253 PIMCO StocksPLUS Small Fund C000028347 Institutional PSCSX C000031248 Administrative C000031249 A PCKAX C000031251 C PCKCX C000031252 D PCKDX C000031253 R C000064162 Class P PCKPX 0000810893 S000012844 PIMCO High Yield Municipal Bond Fund C000034728 Class A PYMAX C000034729 Class D PYMDX C000034730 Institutional PHMIX C000041556 Class C PYMCX C000064163 Class P PYMPX 0000810893 S000013232 PIMCO Long Duration Total Return Fund C000035567 Institutional PLRIX C000064164 Class P PLRPX C000080408 Class A PLRAX C000148185 Class D PLRDX C000195167 Class C PLRCX 0000810893 S000013233 PIMCO Extended Duration Fund C000035569 Institutional PEDIX C000064165 Class P PEDPX C000080409 Class A 0000810893 S000013234 PIMCO California Short Duration Municipal Income Fund C000035571 Institutional PCDIX C000035573 Class A PCDAX C000035574 Class D PCDDX C000064166 Class P PCDPX 0000810893 S000014410 PIMCO StocksPLUS International Fund (Unhedged) C000039229 Institutional PSKIX C000039230 Administrative PSKAX C000039231 Class A PPUAX C000039232 Class C PPUCX C000039233 Class D PPUDX C000064167 Class P PPLPX 0000810893 S000014994 PIMCO Emerging Local Bond Fund C000040829 Class A PELAX C000040830 Class C PELCX C000040831 Class D PLBDX C000040832 Institutional PELBX C000040833 Administrative PEBLX C000064168 Class P PELPX 0000810893 S000016548 PIMCO Income Fund C000046098 Class A PONAX C000046099 Class C PONCX C000046100 Class D PONDX C000046101 Class R PONRX C000046102 Institutional PIMIX C000046103 Administrative PIINX C000064169 Class P PONPX 0000810893 S000018588 PIMCO StocksPLUS Long Duration Fund C000051570 Institutional PSLDX C000080411 Class A C000113719 Class P 0000810893 S000021053 PIMCO REALPATH Income Fund C000059869 A PTNAX C000059870 C PTNCX C000059871 D PTNDX C000059873 Institutional PRIEX C000059874 Administrative PRNAX 0000810893 S000021054 PIMCO REALPATH 2020 Fund C000059876 Institutional PRWIX C000059877 Administrative PFNAX C000059878 A PTYAX C000059879 C PTYCX C000059880 D PTYDX 0000810893 S000021055 PIMCO REALPATH 2030 Fund C000059881 A PEHAX C000059882 C PEHCX C000059883 D PEHDX C000059885 Institutional PRLIX C000059886 Administrative PNLAX 0000810893 S000021056 PIMCO REALPATH 2040 Fund C000059887 A POFAX C000059888 C POFCX C000059889 D POFDX C000059891 Institutional PROIX C000059892 Administrative PEOAX 0000810893 S000021057 PIMCO REALPATH 2050 Fund C000059893 A PFYAX C000059894 C PFYCX C000059895 D PFYDX C000059897 Institutional PRMIX C000059898 Administrative POTAX 0000810893 S000021058 PIMCO RAE Fundamental Advantage PLUS Fund C000059899 Institutional PFATX C000066772 Class A PTFAX C000066773 Class C PTRCX C000066774 Class D PFSDX C000066775 Class P PFAPX 0000810893 S000022556 PIMCO Global Advantage Strategy Bond Fund C000065240 P PGBPX C000065241 Institutional PSAIX C000074976 Class A PGSAX C000074977 Class C PAFCX C000074978 Class D PGSDX C000074979 Class R PSBRX 0000810893 S000022557 PIMCO Unconstrained Bond Fund C000065243 A PUBAX C000065244 D PUBDX C000065245 P PUCPX C000065246 Institutional PFIUX C000069483 Class C PUBCX C000069484 Class R PUBRX 0000810893 S000023224 PIMCO Global Multi-Asset Fund C000067743 A PGMAX C000067744 C PGMCX C000067745 D PGMDX C000067746 P PGAPX C000067747 Institutional PGAIX C000070981 Class R PGMRX 0000810893 S000023716 PIMCO RAE Fundamental PLUS EMG Fund C000069768 Institutional PEFIX C000069769 Administrative PEFAX C000069770 Class P PEFPX C000126843 Class A PEFFX C000126844 Class C PEFCX C000126845 Class D PEFDX 0000810893 S000024337 PIMCO Government Money Market Fund C000072053 Administrative Class PGOXX C000072055 Class M PGFXX C000072056 Class P PGPXX C000075263 Class A AMAXX C000075264 Class C AMGXX C000169180 Institutional Class PGYXX 0000810893 S000024795 PIMCO Unconstrained Tax Managed Bond Fund C000073749 Institutional PUTIX C000073751 Class A ATMAX C000073752 Class C ATMCX C000073753 Class D ATMDX C000073754 Class P PUTPX 0000810893 S000025202 PIMCO Long-Term Credit Fund C000075114 Institutional PTCIX C000075116 Class P PLCPX C000080412 Class A 0000810893 S000025820 PIMCO Emerging Markets Corporate Bond Fund C000077188 Institutional PEMIX C000095397 Class P PMIPX C000106888 Class A PECZX 0000810893 S000028928 PIMCO CommoditiesPLUS Strategy Fund C000088650 Class A PCLAX C000088651 Class C PCPCX C000088652 Class D PCLDX C000088654 Class P PCLPX C000088655 Institutional Class PCLIX C000088656 Administrative Class PCPSX 0000810893 S000029813 PIMCO High Yield Spectrum Fund C000091648 Institutional Class PHSIX C000091649 Class P PHSPX C000091651 Class D PHSDX C000091652 Class A PHSAX C000091653 Class C PHSCX 0000810893 S000031641 PIMCO Senior Floating Rate Fund C000098425 Institutional Class PSRIX C000098426 Class P PSRPX C000098428 Class D PSRDX C000098429 Class A PSRZX C000098430 Class C PSRWX 0000810893 S000032049 PIMCO Total Return Fund IV C000099802 Institutional Class PTUIX C000099804 Class A PTUZX C000099805 Class C PTUCX C000099807 Class P PTUPX 0000810893 S000032697 PIMCO RAE Fundamental PLUS Small Fund C000100907 Institutional Class PCFIX C000100908 Class P PCCPX C000100910 Class D PCFDX C000100911 Class A PCFAX C000100912 Class C PCFEX C000100913 Class R 0000810893 S000032698 PIMCO RAE Fundamental PLUS International Fund C000100915 Class D PTSLX C000100916 Class A PTSOX C000100917 Class C PTSKX C000100918 Class R C000100919 Institutional Class PTSIX C000100920 Class P PTIPX 0000810893 S000032919 PIMCO REALPATH 2025 Fund C000101605 Administrative Class PENMX C000101606 Class D PENDX C000101607 Class A PENZX C000101608 Class C PENWX C000101610 Institutional Class PENTX 0000810893 S000032920 PIMCO REALPATH 2035 Fund C000101612 Institutional Class PIVIX C000101614 Administrative Class PIVNX C000101615 Class D PIVDX C000101616 Class A PIVAX C000101617 Class C PIVWX 0000810893 S000033596 PIMCO Credit Absolute Return Fund C000103220 Institutional PCARX C000103221 Class P PPCRX C000103223 Class D PDCRX C000103224 Class A PZCRX C000103225 Class C PCCRX 0000810893 S000033597 PIMCO Inflation Response Multi-Asset Fund C000103227 Administrative C000103229 Class A PZRMX C000103232 Institutional PIRMX C000103233 Class P PPRMX 0000810893 S000035861 PIMCO REALPATH 2045 Fund C000109894 Institutional Class PFZIX C000109896 Administrative Class PFZMX C000109897 Class D PFZDX C000109898 Class A PFZAX C000109899 Class C PFZCX 0000810893 S000037096 PIMCO California Municipal Bond Fund C000114194 Institutional Class PCTIX C000114195 Class P PCTPX C000114197 Class D PCTDX C000114198 Class A PCTTX C000114199 Class C PCTGX 0000810893 S000037097 PIMCO National Intermediate Municipal Bond Fund C000114202 Class D PMNDX C000114203 Class A PMNTX C000114204 Class C PMNNX C000114206 Institutional Class PMNIX C000114207 Class P PMNPX 0000810893 S000037098 PIMCO Short Asset Investment Fund C000114208 Institutional Class PAIDX C000114209 Class P PAIPX C000114210 Administrative Class PAIQX C000114211 Class D PAIUX C000114212 Class A PAIAX C000166287 Class M PAMSX 0000810893 S000038441 PIMCO Mortgage Opportunities Fund C000118561 Institutional Class PMZIX C000118562 Class P PMZPX C000118564 Class D PMZDX C000118565 Class A PMZAX C000118566 Class C PMZCX 0000810893 S000039671 PIMCO Emerging Markets Full Spectrum Bond Fund C000122921 Institutional Class PFSIX C000122922 Class P PFSPX C000122925 Class A PFSSX 0000810893 S000042791 PIMCO TRENDS Managed Futures Strategy Fund C000132356 Institutional Class C000132357 Class P C000132359 Class D C000132360 Class A C000132361 Class C 0000810893 S000043725 PIMCO RAE Low Volatility PLUS EMG Fund C000135589 Institutional Class PLVLX C000135590 Class P PLVWX C000135593 Class A PLVVX 0000810893 S000043726 PIMCO RAE Low Volatility PLUS Fund C000135596 Class A PXLVX C000135597 Class C POLVX C000135598 Institutional Class PILVX C000135599 Class P PPLVX 0000810893 S000043727 PIMCO RAE Low Volatility PLUS International Fund C000135601 Institutional Class PLVTX C000135602 Class P PLVZX C000135605 Class A PLVBX 0000810893 S000047287 PIMCO REALPATH 2055 C000148255 Institutional PRQIX C000148257 Admin C000148258 Class D PQRDX C000148259 Class A PQRAX C000148260 Class C PQRCX 0000810893 S000047288 PIMCO RAE Worldwide Long/Short PLUS Fund C000148264 Class A PWLAX C000148267 Institutional PWLIX C000148268 Class P PWLPX 0000810893 S000047599 PIMCO Multi-Strategy Alternative Fund C000149433 Institutional PXAIX C000149434 Class P PXAPX C000149435 Class D PXADX C000149436 Class A PXAAX 0000810893 S000048447 PIMCO Preferred and Capital Securities Fund C000152873 Institutional Class PFINX C000152874 Class P PFPNX C000152876 Class D PFDNX C000152877 Class A PFANX C000152878 Class C PFCNX 0000810893 S000049354 PIMCO Real Return Limited Duration Fund C000156118 Institutional Class C000156119 Class P C000156120 Administrative Class C000156121 Class D C000156122 Class A C000156123 Class C 497 1 d500842d497.htm 497 497

PIMCO Funds

Supplement Dated January 22, 2018 to the

Asset Allocation Funds, Bond Funds, Credit Bond Funds, Equity-Related Strategy Funds, International Bond Funds, Real Return Strategy Funds, Short Duration Strategy Funds, Tax-Efficient Strategy Funds, and Quantitative Strategy Fund Prospectuses (the “Prospectus”) and Statement of Additional Information (“SAI”), each dated July 28, 2017, each as supplemented from time to time

Automatic Conversion of Class D Shares to Class A Shares

Conversion. At a meeting held on November 14, 2017, for each series of PIMCO Funds (the “Trust”) that offers Class D shares (each, a “Fund”), the Board of Trustees of the Trust approved the automatic conversion of the Fund’s Class D shares into Class A shares of the same Fund, and concurrent closure of the Fund’s Class D shares.

Mechanics. The conversion will be effective on March 23, 2018 (“Conversion Date”). Class D shareholders will not pay any sales charge, fee or other charge in connection with the conversion. Upon the conversion, Class D shares will be subject to the management fees charged to Class A shares, which will be equivalent to those charged to Class D shares. In addition, upon the conversion, each Fund may sell its Class A shares at net asset value without a sales charge to investors (i) acquiring Class A shares of a Fund as a result of the conversion of their Class D shares of the Fund into Class A shares; or (ii) making a subsequent purchase of Class A shares following the conversion of their Class D shares to Class A shares in the same account where such investors previously were able to purchase Class D shares.

Other Alternatives. At any time prior to the Conversion Date, Class D shareholders may exchange their Class D shares directly for shares of another class of the same Fund, subject to any applicable sales charge and other rules, or redeem their Class D shares and receive the net asset value thereof, pursuant to the procedures set forth under “Purchases, Redemptions and Exchanges – Redeeming Shares” in the Prospectus.

U.S. Federal Income Tax Matters. The automatic conversion of each Fund’s Class D shares into Class A shares is not expected to be a taxable event for federal income tax purposes and should not result in the recognition of gain or loss by such converting shareholders. Shareholders should consult their tax advisers regarding the tax treatment of the conversion.

If you have any questions regarding the conversion, please contact the Trust at 1-888-877-4626.

Sales at Net Asset Value

In addition, effective March 23, 2018, the “Distribution of Trust Shares—Purchases, Exchanges and Redemptions—Sales at Net Asset Value” section of the SAI is deleted in its entirety and replaced with the following:

Sales at Net Asset Value. Each Fund may sell its Class A shares at net asset value without a sales charge to:

(i) current, retired, or former officers, trustees, directors or employees of any of the Trust (including accounts established for former employees or extended family of former employees established while employed), PIMCO Equity Series, Allianz Funds, or Allianz Funds Multi-Strategy Trust, Allianz, Allianz Global Investors U.S. LLC, PIMCO or the Distributor, other affiliates of Allianz Global Investors U.S. LLC and funds advised or subadvised by any such affiliates, in any case at the discretion of PIMCO or the Distributor; their spouse or domestic partner, as recognized by applicable state law, children, siblings, current brother/sister-in-laws, parents, and current father/mother-in-laws (“extended family”), or family trust account for their benefit, or any trust, profit-sharing or pension plan for the benefit of any such person;

(ii) current registered representatives and other full-time employees of broker-dealers that have selling agreements with the Distributor or such persons’ spouse or domestic partner, as recognized by applicable state law, children under 21, and family trust accounts;

(iii) trustees or other fiduciaries purchasing shares through certain group omnibus plans (such as 401(k), 403(b), Health Savings Accounts, 457, Profit Sharing/Keogh, Money Purchase Pension and Defined Benefit; not including individual participant directed accounts (i.e., accounts listed in the Fund’s records as for the benefit of a named individual), SEP-IRAs, SIMPLE IRAs, SARSEP IRAs and 403(b)7 custodial accounts) sponsored by employers, professional organizations or associations, or charitable organizations that qualify for 501(c)(3) status under the Internal Revenue Code;

(iv) investors rolling over assets from specified benefit plans to IRAs or other qualified retirement plan accounts if such assets were invested in the Funds or series of PIMCO Equity Series at the time of distribution;

(v) participants investing through accounts known as “wrap accounts” established with broker-dealers approved by the Distributor where such broker-dealers are paid a single, inclusive fee for brokerage and investment management services;

(vi) client accounts of broker-dealers or registered investment advisers affiliated with such broker-dealers (i) with which the Distributor or PIMCO has an agreement for the use of Class A shares of a Fund in particular investment products or programs or in particular situations in which the broker-dealer will make Class A shares available for purchase at NAV or (ii) that, prior to the conversion of Class D shares to Class A shares, offered Class D shares of a Fund in particular investment products or programs or in particular situations and that offers Class A shares of the Fund following the Class D to Class A share class conversion in such investment products or programs or in particular situations;

(vii) accounts for which the company that serves as trustee or custodian either (a) is affiliated with PIMCO or (b) has a specific agreement to serve as trustee or custodian of the account with the Distributor;

(viii) investors following the public announcement of the Board’s approval of a plan of liquidation for such Fund or for another share class of such Fund until the liquidation date;

(ix) investors exchanging proceeds of required minimum distributions from an IRA or other qualified retirement plan account invested in a PIMCO Fund to a taxable account invested in a PIMCO Fund;

(x) investors making an exchange from a taxable account invested in a PIMCO Fund to a PIMCO Fund held in an IRA or other qualified retirement plan account for the purpose of making a contribution to the IRA or other qualified retirement plan account;

(xi) investors (i) acquiring Class A shares of a Fund as a result of any automatic conversion of their shares of another class of the Fund into Class A shares; or (ii) making a subsequent purchase of Class A shares following the automatic conversion of their Class D shares to Class A shares in the same account where such investors previously were able to purchase Class D shares; and

(xii) any other person if the Distributor anticipates that there will be minimal cost borne by the Distributor associated with the sale, which shall be determined in the sole discretion of the Distributor.

The Distributor will only pay service fees and will not pay any initial commission or other fees to broker-dealers upon the sale of Class A shares to the purchasers described in sub-paragraphs (i) through (xii) above.

In addition, the Distributor will only pay distribution and service fees and will not pay any initial commission or other fees to broker-dealers upon the sale of Class C shares of any Fund following the public announcement of the Board’s approval of a plan of liquidation for such Fund.

Investors Should Retain This Supplement For Future Reference

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