Supplemental Prospectus (Form 424B3)

Location.The Fund intends to invest principally in major markets in the United States with the ability to selectively invest in other regions that PIMCO believes offer attractive risk-adjusted returns consistent with the objectives of the Fund.

Property Types and Sectors.The Fund may invest across various property types and sectors including, but not limited to commercial, residential, industrial, office, retail, hospitality, and select niche sectors. The Fund's exposure to any of the below property types may change based on PIMCO's outlook. The following is not an exhaustive list of asset classes or strategies that the Fund may target, and the Fund may not target all (or any one) of the following asset classes or strategies at any given time:

Commercial.Commercial properties generally include stabilized, income-oriented properties, which are properties that are well leased to tenants (that is, the property has favorable occupancy rates) and do not require material capital improvements. Commercial properties may include properties from the residential, industrial, office, retail, hospitality, and select niche sectors.

Residential.Residential properties are generally defined as having five or more dwelling units that are part of a single complex and offered for rental use, and also include single-family residential properties offered for rental use. This may include apartment, student housing or senior living. Residential properties may also include existing single-family residential properties that are acquired in order to redevelop or renovate with the intention to resell within a short timeframe.

Industrial.Industrial properties are generally categorized as warehouse/distribution centers, research and development facilities, flex space or manufacturing.

Office.Office properties include conventional and other office properties.

Retail.Retail properties consist of shopping and entertainment properties, such as shopping malls, retail stores, shopping centers, etc.

Hospitality.Hospitality properties are generally defined as hotels and lodging properties and can be further divided in various sub-categories including (but not limited to) limited service, full service, etc.

Select Niche Sectors.Select niche sectors include sub-segments of the real estate industry with purpose-built properties, such as data centers, life sciences, medical office, self-storage, etc.

Private CRE Equity Investments:The Fund intends, under normal circumstances, to invest in stabilized income-oriented private commercial real estate and investments providing exposure to commercial real estate ("CRE") located in the United States. However, the Fund may make investments in CRE with other characteristics (such as properties that are not well leased and generally require significant capital improvements, restructuring and/or repositioning) or other geographies at PIMCO's discretion. The Fund may invest in various CRE property types and investments, including residential, industrial, office, retail, hospitality, and certain niche sectors. The Fund's exposure to any of the aforementioned property types or sectors may change based on PIMCO's outlook. While PIMCO generally expects to arrange for third-party property managers or joint venture partners to manage any such real estate investments, the Fund, PIMCO and/or their respective affiliates (as well as entities owned by or affiliated with any of the foregoing) may also provide such services.

Private CRE Debt Investments:The Fund's investments may include mortgage loans, mezzanine, preferred equity, transitional private debt secured by CRE properties and b-notes (the secondary tranche in a commercial mortgage-backed security). Such investments may be of any credit quality (including below investment grade (commonly referred to as "high yield" securities or "junk bonds")), may have any combination of principal and interest payment structures, may be newly-originated or existing, may have been originated to specific or general underwriting standards which vary according to the seller and may be of any size and any lien position (e.g., first-lien, second-lien or unsecured). In addition, the Fund may provide financing in respect of real estate or real estate-related assets or interests (including to finance construction, development or improvement projects, mortgage loan pay downs and/or mortgage loans), in each case directly or through companies acquired (or created) and owned by or otherwise affiliated with the Fund or PIMCO. Generally, the day-to-day administration of these investments will be handled by one or more servicers selected by PIMCO.

Publicly Traded CRE Securities:The Fund's investments in publicly traded real estate securities may include commercial mortgage backed securities ("CMBS"), residential mortgage backed securities ("RMBS") and other equity or debt securities issued by REITs or real estate-related investment companies. Publicly traded securities may be exchange-traded or traded over-the-counter ("OTC"). Real estate-related investment companies are investment companies that primarily invest in real estate or activities relating to

the ownership, construction, financing, management, servicing or sale of such real estate. The Fund may invest in securities of any credit quality, maturity and duration to enhance its income and capital appreciation potential and to provide liquidity to the overall portfolio. This may include below investment grade (or junk) securities. The Fund expects that its investments in publicly traded real estate securities will primarily be in U.S. securities, but it may also invest in non-U.S. securities. When investing in another investment company, the Fund generally will consider such investment company's 80% policy for purposes of determining whether to treat an investment therein towards the Fund's 80% policy or, if the investment company does not have an 80% policy, the Fund may consider the underlying investment company's portfolio holdings and related information. To the extent that an underlying investment company in which the Fund invests has adopted a policy to concentrate its investments in a particular industry, the Fund will, to the extent applicable, take such underlying investment company's concentration policy into consideration for purposes of the Fund's own industry concentration policy.

Collateralized Bond Obligations, Collateralized Loan Obligations and other Collateralized Debt Obligations: The Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other collateralized debt obligations ("CDOs") and other similarly structured securities that provide indirect exposure to the underlying asset class. CBOs, CLOs and CDOs are types of asset-backed securities that provide indirect exposure to the underlying asset class. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate commercial real estate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses. The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests. CBOs, CLOs and other CDOs may carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the possibility that the quality of the collateral may decline in value or default; (iii) the possibility that investments in CBOs, CLOs and other CDOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Derivative Instruments:The Fund may, but is not required to, utilize various derivative strategies (both long and short positions)involving the purchase or sale of futures and forward contracts(including foreign currency exchange contracts), call and put options, credit default swaps, total return swaps, basis swaps and other swap agreements and other derivative instruments for investment purposes, leveraging purposes or in an attempt to hedge against market, credit, interest rate, currency and other risks in the portfolio.

the effects of any bankruptcies, insolvencies or mortgage defaults;