Common use of Summary of Fund Expenses Clause in Contracts

Summary of Fund Expenses. The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements in an amount equal to approximately 43% of the Fund’s total managed assets (including assets attributable to reverse repurchase agreements), which reflects the percentage of the Fund's total managed assets attributable to such leverage as of December 31, 2021, and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these assumptions. Sales load (as a percentage of offering price) 1.00%(1) Offering Expenses Borne by Common Shareholders (as a percentage of offering price) 0.02% Dividend Reinvestment Plan Fees None(2) 1 Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading in connection with sales of Common Shares effected by JonesTrading in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. 2 You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan” in the accompanying Prospectus. Management Fees(1) 1.95% Interest Payments on Borrowed Funds(2) 1.18% Other Expenses(3) 0.02% Total Annual Expenses(4) 3.15% 1 Management Fees have been restated to reflect the reduction in the Fund's contractual management fee rate and the reorganization, effective December 10, 2021, of PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund with and into the Fund (the “Reorganization”). Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”‌‌

Summary of Fund Expenses. The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in attributable to the form of Fund’s outstanding Preferred Shares and reverse repurchase agreements in an amount equal to approximately 4336.24% of the Fund’s total managed assets (including assets attributable to reverse repurchase agreementssuch leverage), which reflects the percentage of the Fund's ’s total average managed assets attributable to such leverage as of December averaged over the period ended January 31, 202120221, and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps significantly) from these assumptions. Sales load Load (as a percentage of offering price) 1.00%(1) Offering Expenses Borne by Common Shareholders (as a percentage of offering price) 0.020.06% Dividend Reinvestment Plan Fees None(2) 1 Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading in connection with sales of Common Shares effected by JonesTrading in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. 2 You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan” in the accompanying Prospectus. Management Fees(1) 1.950.81% Dividend Cost on Preferred Shares(2) 0.03% Interest Payments on Borrowed Funds(2Funds(3) 1.180.22% Other Expenses(3Expenses(4) 0.02% Total Annual Expenses(4Expenses(5) 3.151.08% 1 Management Fees have been restated to reflect the reduction in the Fund's contractual management fee rate and the reorganization, effective December 10, 2021, of PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund with and into the Fund (the “Reorganization”). Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.100.76% of the Fund’s average daily total managed assetsnet assets (including daily net assets attributable to any Preferred Shares of the Fund that may be outstanding). The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –- Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assetsfee.”‌‌

Summary of Fund Expenses. The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements in an amount equal to approximately 43[ ]% of the Fund’s 's total managed assets (including assets attributable to reverse repurchase agreements), which reflects approximately the percentage of the Fund's total managed assets attributable to such leverage as of December 31, 2021[ ], and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s 's use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund's capital structure as of [ ]. The extent of the Fund’s 's assets attributable to leverage following an offering, and the Fund’s 's associated expenses, are likely to vary (perhaps significantly) from these assumptions. Sales load (as a percentage of offering price) 1.00%(1) [ ]% Offering Expenses Borne by Common Shareholders (as a percentage of offering price) 0.02[ ]% Dividend Reinvestment Plan Fees None(2[ ](1) 1 Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading in connection with sales of Common Shares effected by JonesTrading in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. 2 You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s 's Dividend Reinvestment Plan. See “"Dividend Reinvestment Plan” " in the accompanying Prospectus. Management Fees(1) 1.95[ ]% Interest Payments on Borrowed Funds(2) 1.18[ ]% Other Expenses(3) 0.02[ ]% Total Annual Expenses(4) 3.15% 1 Management Fees have been restated to reflect the reduction in the Fund's contractual management fee rate and the reorganization, effective December 10, 2021, of PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund with and into the Fund (the “Reorganization”). Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”‌‌Expenses [ ]%

Summary of Fund Expenses. The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements in an amount equal to approximately 43[ ]% of the Fund’s 's total managed assets (including assets attributable to reverse repurchase agreements), which reflects approximately the percentage of the Fund's total managed assets attributable to such leverage as of December 31, 2021[ ], and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s 's use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund's capital structure as of [ ]. The extent of the Fund’s 's assets attributable to leverage following an offering, and the Fund’s 's associated expenses, are likely to vary (perhaps significantly) from these assumptions. Sales load (as a percentage of offering price) 1.00%(1[ ](1) Offering Expenses Borne by holders of Common Shareholders Shares (as a percentage of offering price) 0.02% Dividend Reinvestment Plan Fees None(2) [ ] 1 Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading [ ] in connection with sales of Common Shares effected by JonesTrading [ ] in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. 2 You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s 's Dividend Reinvestment Plan. See “"Dividend Reinvestment Plan” " in the accompanying Prospectus. Management Fees(1) 1.95% [ ] Interest Payments on Borrowed Funds(2) 1.18% [ ] Other Expenses(3) 0.02% [ ] Total Annual Expenses(4) 3.15% 1 Management Fees have been restated to reflect the reduction in the Fund's contractual management fee rate and the reorganization, effective December 10, 2021, of PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund with and into the Fund (the “Reorganization”). Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”‌‌Expenses [ ]

Summary of Fund Expenses. The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage in the form of reverse repurchase agreements in an amount equal to approximately 43[ ]% of the Fund’s 's total managed assets (including assets attributable to reverse repurchase agreements), which reflects approximately the percentage of the Fund's total managed assets attributable to such leverage as of December 31, 2021[ ], and shows Fund expenses as a percentage of net assets attributable to Common Shares. The percentage above does not reflect the Fund’s 's use of other forms of economic leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund's capital structure as of [ ]. The extent of the Fund’s 's assets attributable to leverage following an offering, and the Fund’s 's associated expenses, are likely to vary (perhaps significantly) from these assumptions. Sales load (as a percentage of offering price) 1.00%(1) Offering Expenses Borne by Common Shareholders (as a percentage of offering price) 0.02[ ]% Dividend Reinvestment Plan Fees None(2) 1 Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading [ ] in connection with sales of Common Shares effected by JonesTrading [ ] in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. 2 You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s 's Dividend Reinvestment Plan. See “"Dividend Reinvestment Plan” " in the accompanying Prospectus. Management Fees(1) 1.95[ ]% Interest Payments on Borrowed Funds(2) 1.18[ ]% Other Expenses(3) 0.02[ ]% Total Annual Expenses(4) 3.15% 1 Management Fees have been restated to reflect the reduction in the Fund's contractual management fee rate and the reorganization, effective December 10, 2021, of PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund with and into the Fund (the “Reorganization”). Management Fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”‌‌Expenses [ ]%