PIMCO GIS Income Fund II E Class GBP (Hedged) Income

Objective The fund aims to maintain a high level of dividend income by investing in a broad array of global fixed income sectors, with a secondary objective of long-term capital appreciation, using prudent investment management principles. Investment Policy The fund aims to achieve this objective by investing at least two-thirds of its assets in a diversified portfolio of fixed income instruments and securities (which are similar to loans that pay a fixed or variable rate of interest) of varying maturities. The fund will seek to maintain a high level of dividend income by investing in a broad array of fixed income sectors which in the investment advisor’s view typically generate elevated levels of income. The average portfolio duration of the fund will normally vary within 0 to 8 years based on the investment advisor’s forecast for interest rates. Duration measures the sensitivity of the assets to interest rate risk. The longer the duration the higher the sensitivity to changes in interest rates. The securities will be both “investment grade” and “non-investment grade” securities. The fund may invest up to 50% in “non-investment grade” securities (except such limitation shall not apply to the fund’s investments in mortgage-related and other asset-backed securities). Non-investment grade securities are considered to be more risky, but typically produce a higher level of income. The fund may invest in emerging markets, which in investment terms are those economies that are not as developed. The fund may invest in derivative instruments (such as futures, options and swaps) rather than directly in the underlying securities themselves. The derivatives return is linked to movements in the underlying assets. The assets held by the fund may be denominated in a variety of currencies with non-USD currency exposure limited to 30% of total assets. The investment advisor may use foreign exchange and related derivative instruments to hedge or implement currency positions. The fund intends to measure its performance against the Bloomberg Barclays US Aggregate Index (the "Index"). The fund is considered to be actively managed in reference to the Index by virtue of the fact that it uses the Index for performance comparison purposes. Certain of the fund's securities may be components of and may have similar weightings to the Index. However the Index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the Index. For full investment objectives and policy details please refer to the fund’s prospectus. Distribution Policy This share class pays out a distribution of any investment income generated by the fund. You may elect for this to be reinvested into the fund. Share Class Currency Hedging This share class seeks to limit the shareholder’s currency risk by reducing the effect of exchange rate fluctuations between the share class currency and any non-active currency exposures of the fund. Dealing Day You can buy and sell shares on most working days in Dublin, exceptions to this are more fully described in the fund holiday calendar available from the Administrator.