PIMCO: Why Interval Funds? Yield.

You are receiving this email as a registered member of Morningstar.com and have asked to receive features, products and services from third party companies. This is a paid advertisement from the sponsor. If you would like to change your e-mail preferences, see the bottom of this message for more information. Also, if you are unable to see the images, please click “Show Images and Enable Links” or right-click to download pictures. [PIMCO Logo]( Interval Funds: Structured to Enhance Yield Potential As opportunities to take advantage of public market dislocations decline, less liquid strategies are an area where experienced managers may be able to harvest premia. Investors seeking more flexible solutions are turning to interval funds with typically lower investment minimums than private alternatives funds, operational simplicity, and a 1099 tax treatment that can access more complex assets with higher yield potential. Backed by a time-tested investment process, we believe the flexible and dynamic investment approach of PIMCO’s interval funds that target a range of credit sectors and risk profiles can be effective for those looking to generate attractive yield while managing downside risk. [Learn more about the potential benefits of interval funds >>]( PIMCO Alternatives At PIMCO, 50 years of global leadership in active fixed income investing have prepared us for the complexities of alternative strategies. With $48 billion in alternative strategy AUM* – spanning global macro, commodities, risk premia, structured and corporate credit, and the full spectrum of residential and commercial real estate markets – we continue to provide our clients with access to new potential opportunities. [Explore Now >>]( [PIMCO 50 years] [PIMCO] [PIMCO LinkedIn]( [PIMCO Twitter]( [PIMCO YouTube]( [PIMCO Facebook]( [INVESTMENTS]( [INSIGHTS]( [CONTACT US]( *as of 31 December 2020 Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative or by visiting www.pimco.com. Please read them carefully before you invest or send money. IMPORTANT NOTICE: Please note that the following contains the opinions of the manager as of the date noted, and may not have been updated to reflect real time market developments. All opinions are subject to change without notice. Past performance is not a guarantee or a reliable indicator of future results. All investments contain risk and may lose value. An investment in an interval fund is not appropriate for all investors. Unlike typical closed-end funds, an interval fund’s shares are not typically listed on a stock exchange. Although interval funds provide limited liquidity to investors by offering to repurchase a limited amount of shares on a periodic basis, investors should consider shares of the Fund to be an illiquid investment. Investments in interval funds are therefore subject to liquidity risk as an investor may not be able to sell the shares at an advantageous time or price. There is also no secondary market for the Fund’s shares and none is expected to develop. There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer. An interval fund’s investment are expected to give rise to numerous risks. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage-related assets and other asset-backed instruments may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax. Investments in distressed loans and bankrupt companies are speculative and the repayment of default obligations contains significant uncertainties. The value of real estate and portfolios that invest in real estate may fluctuate due to: losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, property tax rates, regulatory limitations on rents, zoning laws, and operating expenses. Structured products such as collateralized debt obligations and collateralized loan obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could lose more than the principal amount invested. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be appropriate for all investors. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage , including borrowing, may cause a portfolio to be more volatile than if the portfolio had not been leveraged. Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for a long-term especially during periods of downturn in the market. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO. 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