PIMCO Tactical Income Fund

The Fund seeks to provide holders of Units with current income as a primary objective and capital appreciation as a secondary objective. PIMCO employs an active approach to allocation among multiple sectors based on, among other things, market conditions, valuation assessments, economic outlook, credit market trends and other economic factors. With PIMCOs macroeconomic analysis as the basis for top-down investment decisions, including geographic and credit sector emphasis, the Fund focuses on seeking the best income generating investment ideas across multiple fixed income sectors, with an emphasis on seeking opportunities in developed and emerging global credit markets. PIMCO may choose to focus on particular countries/regions (e.g., Canadian vs. U.S. or foreign), asset classes, industries and sectors to the exclusion of others at any time and from time to time based on market conditions and other factors.