PIMCO Fixed Income SHares: Series TE FXIEX Strategy

The investment seeks high current income exempt from U.S. federal income tax consistent with prudent investment management; total return/capital appreciation is a secondary objective. The portfolio normally invests at least 80% of its net assets (plus borrowings made for investment purposes) in a portfolio of U.S. fixed income instruments comprised of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax (“AMT”)).