2012 Mutual Fund Tax Information
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- Horace Blair
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1 2012 Mutual Fund Tax Information Your Global Investment Authority PIMCO Funds FOR PIMCO FUNDs SHAREHOLDERS Dear PIMCO Funds Shareholder: This booklet contains tax information to help you file your 2012 tax returns, including important information about your PIMCO funds, a guide through the tax forms you may have received, and detailed schedules applicable to certain PIMCO funds you may hold. In the booklet, you ll find: Guide to tax forms (p. 2) Dividend and Capital Gain Distributions Q&A (p. 2) Overview of the NEW cost basis requirements (p. 3) Step-by-step guide to your 1099-B and 1099-DIV (p. 4) Percentage of interest derived from U.S. government securities for certain PIMCO funds in 2012 (p. 6) Percentage of dividends paid during 2012 that qualify for corporate dividends-received deductions (applies to corporate shareholders only) (p. 6) Percentage of foreign source income in 2012 for certain PIMCO funds, including the percentage of foreign source income that constitutes qualified foreign dividends (p. 8) And for certain PIMCO municipal bond and tax-managed funds: Percentage of income that was federally taxable in 2012 (p. 9) Percentage of income that is subject to the federal alternative minimum tax (AMT) in 2012 (p. 9) Tax-exempt interest income earned state-by-state in 2012 (p. 10) Please note that not all forms and schedules apply to all PIMCO funds or fund shareholders. In addition, 2012 marks the first year that cost basis reporting is reflected on Form 1099-B for mutual fund shareholders. This reporting only applies to shares of funds that were purchased on or after January 1, 2012, and also sold during This booklet contains a brief overview of these new requirements and how they may affect you. Please call us at PIMCO ( ), if you have questions or need assistance. You can also visit the Tax Information page of our website, pimco.com/investments. For general information about cost basis and the recent regulations, visit pimco.com/investments/cost-basis. As PIMCO does not provide legal or tax advice, please consult your tax advisor and/or legal counsel with any specific tax questions and concerns. Sincerely, Erik C. Brown Assistant Treasurer
2 PIMCO Funds Tax Form Summary Tax Form Description 1099-DIV Reports dividend and capital gain distributions from your PIMCO mutual funds, excluding retirement plan accounts. In 2011, Form 1099-INT, Box 8, reported tax-exempt income dividends paid by certain PIMCO municipal and tax managed funds. Form 1099-INT no longer applies for Such amounts are now reported in Box 10 of your 1099-DIV. Any private activity bond interest, which may be subject to the alternative minimum tax (AMT), is now in Box B Reports redemption proceeds of any non-money market funds in your non-retirement account. Your cost or other basis for shares that were sold and fall under the IRS s new cost basis regulations is included on this form in Box 3 (explained on p. 3). This information is now required to be reported to the IRS by PIMCO Funds. If your shares have been transferred to PIMCO Funds or have been converted, we may not be able to provide this cost basis information to you R Reports any distributions (including rollovers, recharacterizations and conversions) taken from a retirement plan, such as an IRA, or any qualified retirement plan, such as a pension, profit sharing, 401(k) plan or tax-deferred annuity. Dividend and Capital Gain Distributions Q&A Q: What are distributions and why are they paid? A: Mutual fund distributions are earnings from the fund s operations. The law requires that all profits be passed on to the fund s investors in order for the fund to qualify for special tax rules afforded to mutual funds that benefit the shareholder. Q: What is a capital gain distribution? A: When a mutual fund sells portfolio securities at a profit, the sale creates a capital gain. Two types of capital gains are realized by PIMCO funds short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. For 2012, long-term capital gain distributions are taxed at a maximum rate of 15%. Q: How is a mutual fund affected if there is no required distribution? A: If a distribution is not required, there are no tax consequences to shareholders or to the fund. The fund s net asset value (NAV) and its investment performance will remain the same. If the fund has not made a taxable distribution, shareholders will not be required to pay taxes and will not receive a Form 1099-DIV for that fund. Q: How is distribution eligibility determined for PIMCO mutual funds? A: The timing of a distribution, and the determination of shareholder eligibility to receive it, is based on the record date, ex-dividend date, reinvestment date and payable date. These are typically defined for open-end mutual funds as follows: Record Date: All shareholders of record at 4 p.m. Eastern time on this day are eligible to receive the distribution. This date is usually the business day prior to the ex-dividend date. Ex-Dividend Date: The date on which the distribution amount per share is deducted from the fund s NAV per share. Also known as the declaration date, the ex-dividend date is generally the business day after the record date. Reinvestment Date: The date on which the distribution proceeds will be reinvested, if so elected, on that day s closing price. Shares will settle on the payable date. Payable Date: The fund pays shareholders their proportional shares of the distribution on this date. For PIMCO mutual funds, the payable date for distributions paid in cash, if so elected, is normally the same business day as the ex-dividend date, except for those funds with daily income distributions. PIMCO fund shares purchased with reinvested distributions are usually credited on the reinvestment date at the fund s NAV for that date Mutual Fund Tax Information For PIMCO Funds Shareholders
3 NEW: Cost Basis Regulation What are the new cost basis requirements? When you sell or exchange shares of a mutual fund, you may have a capital gain or loss to report to the IRS. To calculate the gain or loss from shares sold, you must know the cost basis of your shares (the original price paid for the shares you own, subject to certain adjustments, such as certain fees and charges, and any subsequent returns of capital). A rule went into effect on January 1, 2012, requiring mutual funds to report cost basis information to shareholders and the IRS for shares purchased on or after January 1, 2012, or covered shares. When filing your tax return, you will be required to use the cost basis reported in Box 3 of Form 1099-B to calculate and report the gains and losses from your covered shares to the IRS. Please note that retirement accounts are excluded from the new cost basis requirements. Shares acquired prior to January 1, 2012, or non-covered shares, are exempt from the new reporting requirements. However, cost basis information, if available, will be provided for informational purposes only on Form 1099-B. Any non-covered shares can be identified by looking at Box 6 on your Form 1099-B. If the box reads YES your shares are non-covered. Because mutual funds are NOT required to report the cost basis of non-covered shares to the IRS, you may use any acceptable method to calculate and report gains or losses on non-covered shares when filing your tax return. How was my cost basis determined for 2012? As part of the new cost basis regulations, PIMCO Funds was required to select a default method of determining cost basis for those shareholders that did not elect a method for their account. PIMCO selected Average Cost as the default method. Your cost basis election method will be applied to all future transactions and will also be applied to new fund shares purchased for all of your accounts unless you revoke or change your election. However, once covered shares are sold, the cost basis method used is irrevocable. If you update your election now, your new method will be used on future redemptions but cannot be applied to redemptions processed in What are the different cost basis methods? Below is a complete list of the cost basis methods available: ACST: Average Cost FIFO: First In, First Out LIFO: Last In, First Out HIFO: High Cost, First Out LOFO: Low Cost, First Out SLID: Specific Lot Identification LGUT: Loss/Gain Utilization For more information about the new cost basis requirements, we strongly encourage you to speak with a tax advisor. For general information about cost basis and the recent regulations, visit pimco.com/investments/cost-basis. Cost Basis for Corporate Accounts The new cost basis regulation removes the Form 1099-B reporting exemption for sales of covered shares, or those acquired on or after January 1, 2012 by S Corporations. C Corporations retain their exempt status. For those entities that are S Corporations, the above cost basis reporting information is applicable Mutual Fund Tax Information For PIMCO Funds Shareholders
4 Form 1099-B If you redeemed or exchanged mutual fund shares in 2012, other than money market fund shares or shares within a retirement account, you will receive a Form 1099-B. Form 1099-B reports the proceeds from any such sales and is used to calculate capital gains and losses. Proceeds from such sales must be reported to the IRS. For tax year 2012, we are required to report your cost basis for shares purchased and subsequently sold during Below is an example of a 1099-B form for a sale or exchange of shares held for one year or less. Please note that your 1099-B may have different or additional sections depending on the holding period of your shares. Corrected (if checked) (OMB No ) FORM 1099-B PROCEEDS FROM BROKER & BARTER EXCHANGE TRANSACTIONS 2012 Short-term transactions for which basis is reported to the IRS; report on Form 8949, Part I with Box A checked. 1a 1b 2a (8) Not Reported to the IRS (1a) (1b) (1e) (2a) (3) (4) (5) (6) Description (13) (14) (15) Date of Date of Quantity Sales price of Cost or Federal Wash Non- Transaction Share State State State Cost Gain/(Loss) sale or acquisition sold stocks, bonds, other basis income tax withheld Fund: Account Number: PAYER S Fed. ID no.: CUSIP no.: Fund: Account Number: PAYER S Fed. ID no.: CUSIP no.: FUND TOTAL: Fund: Account Number: PAYER S Fed. ID no.: CUSIP no.: FUND TOTAL: Short-term transactions for which basis is NOT reported to the IRS; report on Form 8949, Part I with Box B checked. (8) Not Reported to the IRS (1a) (1b) (1e) (2a) (3) (4) (5) (6) Description (13) (14) (15) Date of Date of Quantity Sales price of Cost or Federal Wash Non- Transaction Share State State State Cost Gain/(Loss) sale or acquisition sold stocks, bonds, other basis income tax withheld Fund: Account Number: PAYER S Fed. ID no.: CUSIP no.: Fund: Account Number: PAYER S Fed. ID no.: CUSIP no.: FUND TOTAL: Box 1a 1b 2a Description Date of sale. This shows the date your sale or exchange transaction was executed. Date of acquisition. This shows the acquisition date of any shares sold. This box may be blank if shares were sold on a variety of dates or if acquisition dates cannot be determined. Sales price of stocks, bonds, etc. This is the gross proceeds from the sale or exchange of fund shares. This amount should be reported on Form 8949, and flow to Schedule D of Form 1040, Column (e) on either Line 2 or Line 9, depending on your holding period for the shares. Cost or other basis. This box represents the cost of shares purchased by you of any shares sold during The information contained in this box must be reported to the IRS for shares covered by the new cost basis regulations. Investors are not required to use the basis amount for non-covered shares, and it will not be reported to the IRS. In some cases, cost basis of your shares cannot be determined and this may be blank. See further information on this new requirement on p. 3 of this guide. Federal income tax withheld. If you did not provide us with a correct Social Security or Tax Identification number, we are required to withhold a percentage of the gross proceeds. This amount is shown in Box 4 and is the portion of the gross proceeds distributions paid to the IRS under the 28% Backup Withholding Rule. This amount should be included as tax withheld on your income tax return. Wash sale loss disallowed. This shows the amount of nondeductible loss in a wash sale transaction. These rules are complex; please consult your tax advisor for details. 6 Non-covered security. This box shows YES if the shares sold were not covered under the new cost basis regulations and is blank when the shares sold are covered. 8 Description. This area is used to describe the transaction. This information is used in completing Form 8949, Column (a). 9 Gain/(Loss). This box shows the gain or loss resulting from your transaction and is provided for informational purposes only. This information is not being reported to the IRS; however for covered shares, please see the description of Box Mutual Fund Tax Information For PIMCO Funds Shareholders
5 Form 1099-DIV Corrected (if checked) (OMB No ) FORM 1099-DIV DIVIDENDS AND DISTRIBUTIONS a 1b 2a 2b 2d (1a) (1b) (2a) (2b) (2d) (3) (4) (6) (8) (10) (11) (12) (13) (14) Total Qualified Total Unrecap. sec. Collectibles Nondividend Federal income Foreign Cash liquidation Exempt- Specified private State State State ordinary dividends capital gain 1250 gain (28%) gain distributions tax withheld tax paid* distributions interest activity bond identification tax dividends distributions dividends interest dividends no. withheld Fund: Account Number: PAYER S Fed. ID no.: Box Description 1a Total ordinary dividends. Shows total ordinary dividends (including any short-term capital gains) that are taxable. You should include this amount on Line 9a of Form 1040 or 1040A. Also, you should report it on Schedule B of Form 1040 or Form 1040A, if required. 1b Qualified dividends. Shows the portion of the amount in Box 1a that may be eligible for the 15% or zero capital gains rates. See the Form 1040/1040A instructions or consult your tax advisor for specific advice on how to determine this amount. Once determined, report the eligible amount on Line 9b of Form 1040 or 1040A. 2a Total capital gain distributions. The amount of the fund distributions that is taxable as total long-term capital gains. For mutual fund purposes, a capital gain earned on any security held by the fund (not necessarily by the shareholder themselves) for 12 months or longer is categorized as long-term. This amount should be reported on Schedule D (Form 1040), Line 13. But, if no amount is shown in Boxes 2c-2d of any 1099-DIV you receive, and your only capital gains and losses are capital gain distributions, you may be able to report the amount in Box 2a on Line 13 of Form 1040 or on Line 10 of Form 1040A. Please see Form 1040 or 1040A for instructions or consult your tax advisor for specific advice. 2b Unrecaptured section 1250 gain. An amount may be found in this column for certain funds that invest primarily in real estate securities. The gain is from certain depreciable real estate property. If there is an amount in this box you should see Schedule D (Form 1040) for instructions. 2d Collectibles 28% rate gain. The 28% rate gain is primarily from gains on the sale or exchange of collectibles held for more than 12 months. Certain PIMCO funds may have collectibles gains. 3 Nondividend distributions. This amount represents the return of your cost (or other basis) and is nontaxable. When you redeem or exchange shares, the cost basis is reduced by the amount in this box. If all of the cost is returned, you must report future nontaxable distributions as a taxable capital gain, even though this form reports them as nontaxable distributions. Please see IRS Publication 550, Investment and Expenses, or consult your tax advisor for additional assistance regarding your specific situation. 4 Federal income tax withheld. If you did not provide us with a correct Social Security or Tax Identification number, we are required to withhold a percentage of your reportable dividends. This amount is shown in Box 4 and is the portion of your reportable dividends and other distributions paid to the IRS under the 28% Backup Withholding Rule. This amount should be included as tax withheld on your income tax return. 6 Foreign tax paid. The amount listed in this box represents your share of foreign taxes paid by a mutual fund (see p. 8). You may be able to claim foreign tax paid as an itemized deduction or credit. Please refer to IRS Form 1040 instructions or consult your tax advisor for personalized assistance. 10 Exempt-interest dividends. New for 2012: This box shows your tax-exempt income dividends for certain PIMCO municipal bond funds and tax-managed funds. While still exempt from federal tax, such amounts are required to be reported to the IRS. In 2011, this amount was reported on 1099-INT, in Box 8. You should include this amount on Line 8b of Form 1040 or 1040A. 11 Specified private activity bond interest dividends. New for 2012: This box shows the portion of the interest in Box 10 from qualified private activity bonds required to be reported for AMT purposes. Consult your tax advisor to determine if you are subject to the AMT Mutual Fund Tax Information For PIMCO Funds Shareholders
6 2012 from U.S. Government Obligations Certain PIMCO funds may have earned a portion of their income from U.S. government securities. All or part of the interest on these securities may be exempt from state and/or local taxation. Please consult your tax advisor as laws in various jurisdictions may differ. The table below reflects the percentage of ordinary dividends derived from U.S. government securities as well as the percentage of assets invested in U.S. government securities at the close of each calendar quarter. For the benefit of our corporate shareholders, we have also included the percentage of dividends that qualify for the corporate dividendsreceived deduction, assuming holding period requirements have been met. Please contact us at PIMCO ( ), if you have questions or need assistance. You can also visit the Tax Information page of our website, pimco.com/investments. Percentage of Assets Invested in U.S. Government Securities as of: PIMCO Funds Percentage of Derived from U.S. Government Securities 3/31/12 6/30/12 9/30/12 12/31/12 PIMCO All Asset All Authority Fund 6.68% 18.07% 14.43% 6.76% 11.76% 0.86% PIMCO All Asset Fund 5.97% 18.39% 14.58% 7.32% 8.88% 0.74% PIMCO California Intermediate Municipal PIMCO California Municipal PIMCO California Short Duration Municipal Fund PIMCO CommoditiesPLUS Short Strategy Fund 0.97% 26.09% 9.21% 45.11% 4.08% PIMCO CommoditiesPLUS Strategy Fund 7.41% 33.35% 24.73% 23.54% 4.54% PIMCO CommodityRealReturn Strategy Fund 58.72% 77.03% 68.25% 74.63% 62.61% 0.27% PIMCO Convertible Fund 1.28% 7.89% 2.18% 2.13% 7.48% 21.26% PIMCO Credit Absolute Return Fund 2.36% 8.75% 2.49% 2.68% 4.97% PIMCO Diversified Fund 2.36% 7.44% 5.76% 2.34% 1.93% 0.06% PIMCO EM Fundamental IndexPLUS TR Strategy Fund 2.14% 17.38% 14.46% 12.89% 17.13% 0.06% PIMCO Emerging Local 0.13% 0.25% 0.17% 0.03% 0.01% PIMCO Emerging Markets 0.22% 0.38% 0.35% 0.59% 0.52% PIMCO Emerging Markets Corporate 0.12% 0.58% 0.40% 0.11% 0.09% PIMCO Emerging Markets Currency Fund 0.31% 0.10% 0.84% 0.02% PIMCO Extended Duration Fund 86.80% 87.11% 84.66% 80.61% 77.84% PIMCO Floating Fund 0.65% 0.63% 0.26% 0.55% 0.32% 0.06% PIMCO Foreign (U.S. Dollar-Hedged) 0.47% 2.08% 0.84% 2.72% 1.01% 0.04% PIMCO Foreign (Unhedged) 0.43% 1.65% 1.02% 1.86% 1.63% 0.05% PIMCO Fundamental Advantage Total Return Strategy Fund 3.22% 8.19% 1.98% 6.36% 14.34% 6.10% PIMCO Fundamental IndexPLUS TR Fund 2.40% 22.80% 20.62% 12.60% 13.56% 0.04% PIMCO Global Advantage Strategy 9.46% 9.80% 8.38% 9.10% 8.36% 0.23% PIMCO Global (U.S. Dollar-Hedged) 3.55% 2.22% 2.37% 6.79% 4.02% 0.13% PIMCO Global (Unhedged) 2.53% 2.70% 2.25% 6.31% 3.48% 0.05% PIMCO Global Multi-Asset Fund 6.60% 3.76% 3.43% 10.96% 4.22% 5.40% PIMCO GNMA Fund 0.44% 0.07% 0.11% 0.10% PIMCO Government Money Market Fund 4.42% 4.50% 14.86% 44.16% 28.59% PIMCO High Yield Fund 0.96% 0.08% 0.01% 0.08% 0.04% 0.60% PIMCO High Yield Municipal 0.01% 0.26% 0.24% 0.21% 0.15% PIMCO High Yield Spectrum Fund 0.20% 0.18% 0.34% 0.09% 0.21% PIMCO Fund 1.19% 7.48% 4.22% 2.17% 1.70% 0.09% PIMCO Inflation Response Multi-Asset Fund 28.06% 52.49% 28.75% 42.80% 27.83% PIMCO International Fundamental IndexPLUS TR Strategy Fund 2.70% 38.69% 46.72% 35.12% 37.54% PIMCO International StocksPLUS TR Strategy Fund (U.S. Dollar-Hedged) 2.81% 24.04% 10.76% 31.04% 12.69% PIMCO International StocksPLUS TR Strategy Fund (Unhedged) 1.83% 15.69% 6.43% 7.61% 14.12% 0.56% PIMCO Investment Grade Corporate 11.22% 14.63% 15.53% 18.59% 15.64% 0.46% PIMCO Long Duration Total Return Fund 22.66% 33.97% 37.80% 33.43% 33.19% 0.18% Corporate Dividends Received Deduction Mutual Fund Tax Information For PIMCO Funds Shareholders
7 2012 from U.S. Government Obligations (continued) Percentage of Assets Invested in U.S. Government Securities as of: PIMCO Funds Percentage of Derived from U.S. Government Securities 3/31/12 6/30/12 9/30/12 12/31/12 PIMCO Long-Term Credit Fund 8.45% 19.84% 20.97% 17.72% 15.64% 0.08% PIMCO Long-Term U.S. Government Fund 71.55% 71.35% 77.39% 78.19% 88.17% PIMCO Low Duration Fund 5.54% 9.45% 10.70% 5.33% 5.82% 0.56% PIMCO Low Duration Fund II 5.91% 9.61% 9.12% 2.64% 11.15% 0.45% PIMCO Low Duration Fund III 5.63% 8.50% 10.82% 6.22% 8.10% 0.15% PIMCO Moderate Duration Fund 13.22% 20.97% 14.01% 10.50% 9.69% 1.17% PIMCO Money Market Fund 8.95% 14.76% 19.59% 42.06% 39.61% PIMCO Mortgage-Backed Securities Fund 0.87% 0.06% 0.01% PIMCO Mortgage Opportunities Fund PIMCO Municipal 0.16% 0.09% 0.08% 0.08% PIMCO National Intermediate Municipal PIMCO New York Municipal PIMCO Real 2019 Fund % 99.07% 98.11% 97.78% 98.56% PIMCO Real 2029 Fund % 98.76% 98.50% 98.66% 99.47% PIMCO Real Return Asset Fund 71.90% 77.11% 69.03% 65.99% 77.48% 0.03% PIMCO Real Return Fund 69.61% 77.71% 72.09% 81.03% 81.86% 0.18% PIMCO RealEstateRealReturn Strategy Fund 10.63% 72.24% 71.19% 75.17% 76.74% PIMCO RealRetirement and Distribution Fund 14.29% 8.00% 12.17% 3.47% 2.64% 1.04% PIMCO RealRetirement 2015 Fund 13.14% 11.06% 18.22% 5.22% 15.03% 1.10% PIMCO RealRetirement 2020 Fund 12.93% 9.07% 13.16% 5.66% 12.58% 1.25% PIMCO RealRetirement 2025 Fund 10.46% 11.06% 17.57% 11.32% 15.52% 1.14% PIMCO RealRetirement 2030 Fund 8.41% 7.29% 11.54% 10.45% 11.88% 1.12% PIMCO RealRetirement 2035 Fund 7.82% 10.87% 16.17% 16.00% 15.65% 0.98% PIMCO RealRetirement 2040 Fund 6.91% 9.02% 12.90% 14.81% 13.34% 0.89% PIMCO RealRetirement 2045 Fund 6.10% 17.32% 14.92% 23.36% 15.48% 0.90% PIMCO RealRetirement 2050 Fund 6.54% 7.88% 10.30% 14.34% 12.21% 0.90% PIMCO Senior Floating Rate Fund 0.01% PIMCO Short Asset Investment Fund 0.31% 9.38% 27.57% PIMCO Short Duration Municipal Fund PIMCO Short-Term Fund 1.54% 18.40% 8.26% 5.07% 3.48% 0.05% PIMCO Small Cap StocksPLUS TR Fund 4.39% 13.35% 11.15% 12.06% 11.76% PIMCO Small Company Fundamental IndexPLUS TR Strategy Fund 3.39% 34.11% 37.04% 33.90% 34.85% PIMCO StocksPLUS Fund 1.51% 8.03% 4.49% 0.52% 6.04% 0.33% PIMCO StocksPLUS Long Duration Fund 13.72% 23.85% 31.94% 27.90% 21.79% PIMCO StocksPLUS Total Return Fund 4.91% 15.18% 11.68% 7.77% 10.05% 0.11% PIMCO StocksPLUS TR Short Strategy Fund 12.20% 20.74% 11.24% 8.44% 14.88% 0.12% PIMCO Tax Managed Real Return Fund 0.05% 1.54% 1.09% 0.27% 0.27% PIMCO Total Return Fund 10.08% 13.58% 14.19% 12.55% 13.83% 0.12% PIMCO Total Return Fund II 13.40% 21.75% 10.95% 8.47% 16.46% 5.37% PIMCO Total Return Fund III 9.10% 14.17% 10.12% 10.68% 13.02% 1.65% PIMCO Total Return Fund IV 13.49% 11.79% 7.90% 13.07% 20.81% PIMCO Unconstrained 25.81% 27.03% 13.60% 20.67% 16.93% 0.47% PIMCO Unconstrained Tax Managed 3.42% 12.93% 5.82% 9.94% 7.45% PIMCO Worldwide Fundamental Advantage TR Strategy Fund 1.86% 31.41% PIMCO Equity Series PIMCO EqS Pathfinder Fund 0.01% 0.20% 0.06% 0.25% 0.16% 24.49% PIMCO EqS Emerging Markets Fund 0.05% 0.83% 1.39% 0.22% 0.58% PIMCO Emerging Multi-Asset Fund 0.21% 0.75% 0.85% 0.29% 0.93% PIMCO Dividend and Builder Fund 0.19% 22.86% PIMCO EqS Dividend Fund 0.01% 0.12% 0.12% 0.32% 0.24% 30.11% PIMCO EqS Long/Short Fund 0.87% 22.12% 2.81% 1.07% % Corporate Dividends Received Deduction Mutual Fund Tax Information For PIMCO Funds Shareholders
8 2012 Foreign Tax Credit Information Below is a summary of the foreign source income earned and the foreign taxes paid by PIMCO EqS Pathfinder Fund, PIMCO EqS Emerging Markets Fund, PIMCO Dividend and Builder Fund, and PIMCO EqS Dividend Fund. Your share of the foreign taxes paid can be used as a tax credit or a deduction from income on your personal tax return. Please consult your tax advisor to determine whether you qualify for the foreign tax credit or deduction. If you choose to claim the foreign tax credit, you may be required to file Form 1116, Foreign Tax Credit, with your federal income tax return if your credit exceeds a de minimis threshold. Your share of Foreign Taxes Paid is included in Box 6 of your Form 1099-DIV. The information below can help you compute your foreign tax credit. Please contact us at PIMCO ( ), if you have questions or need assistance. You can also visit the Tax Information page of our website, pimco.com/investments. Fund Class Foreign Source Qualified Foreign Dividends PIMCO EqS Pathfinder Fund PIMCO EqS Emerging Markets Fund PIMCO Dividend and Builder Fund PIMCO EqS Dividend Fund A 73.87% 65.26% C 73.87% 65.26% R 73.87% 65.26% D 73.87% 65.26% P 73.87% 65.26% Institutional 73.87% 65.26% A 95.12% 61.23% C 95.12% 61.23% R 95.12% 61.23% D 95.12% 61.23% P 95.12% 61.23% Institutional 95.12% 61.23% Administrative 95.12% 61.23% A 64.70% 89.29% C 64.70% 89.29% R 64.70% 89.29% D 64.70% 89.29% P 64.70% 89.29% Institutional 64.70% 89.29% A 82.04% 89.30% C 82.04% 89.30% R 82.04% 89.30% D 82.04% 89.30% P 82.04% 89.30% Institutional 82.04% 89.30% Mutual Fund Tax Information For PIMCO Funds Shareholders
9 2012 Municipal Information This section contains additional tax-related information for shareholders of one or more of the below PIMCO municipal bond funds for the year The chart below provides (1) the percentage of each fund s dividends paid in 2012 that were taxable; (2) the percentage of each fund s 2012 income that was derived from private activity bonds and subject to the alternative minimum tax (AMT), and (3) the breakdown of each fund s tax-exempt interest income by state. Unlike prior years, you will not receive a Form 1099-INT reporting any tax-exempt dividends as this form no longer applies for Such amounts are now reported on Box 10 of your 1099-DIV. Any private activity bond interest, which may be subject to the AMT, is now in Box 11. Note that any capital gains distributed by the funds during 2012 are taxable. Short-term capital gains are reported in Box 1a of Form 1099-DIV as ordinary dividends and long-term capital gains are reported in Box 2a. We suggest that you consult your tax advisor or call your state s tax inquiry center to determine how this information may apply to your particular tax situation. Please contact us at PIMCO ( ), if you have questions or need assistance. You can also visit the Tax Information page of our website, pimco.com/investments. PIMCO Municipal s 2012 Tax Reporting Information Percent of Municipal Interest Municipal High Yield Municipal Short Duration Municipal Fund California Short Duration Municipal Fund California Intermediate Municipal Taxable income 7.57% 1.26% 0.90% 2.42% 0.00% Tax-exempt income 92.43% 98.74% 99.10% 97.58% % Tax-exempt income subject to the AMT 2.61% 10.51% 0.00% 0.00% 0.39% California Municipal New York Municipal National Intermediate Municipal Unconstrained Tax Managed Tax Managed Real Return Fund Taxable income 0.04% 2.36% 0.03% 51.80% 3.16% Tax-exempt income 99.96% 97.64% 99.97% 48.20% 96.84% Tax-exempt income subject to the AMT 0.00% 3.85% 0.00% 3.81% 0.00% Mutual Fund Tax Information For PIMCO Funds Shareholders
10 PIMCO Municipal s 2012 Tax Reporting Information State and Territory Detail Municipal High Yield Municipal Short Duration Municipal Fund California Short Duration Municipal Fund California Intermediate Municipal Alabama 1.69% 3.84% 0.99% Alaska 0.17% 0.09% Arizona 0.06% 3.65% 2.36% Arkansas 0.30% California 14.84% 7.75% 12.86% 2.03% 13.44% 98.11% 99.65% 0.03% Colorado 5.88% 3.31% 1.69% Connecticut 1.46% 1.05% 1.22% District of Columbia 0.17% Delaware 0.26% Florida 3.48% 4.54% 8.22% 5.58% Georgia 4.85% 1.14% 3.74% Guam Hawaii 0.09% 0.29% Idaho 0.35% Illinois 3.10% 3.76% 15.67% 7.90% Indiana 1.31% 3.40% 0.85% 0.98% Iowa 0.94% 0.55% Kansas 0.51% 0.12% 55.60% 0.13% Kentucky 0.32% 0.43% 0.93% Louisiana 0.48% 1.19% 2.67% Maine 1.34% % 0.56% Maryland 0.05% 0.25% 0.79% Massachusetts 0.42% 1.04% 16.74% 4.78% Michigan 3.45% 3.98% 3.24% Minnesota 0.28% 0.94% 19.58% 2.50% Mississippi 0.05% Missouri 0.91% 0.75% 0.66% Montana 0.22% 0.02% Nebraska 2.66% 0.97% Nevada 0.13% New Hampshire 0.30% 0.64% 0.15% New Jersey 3.36% 26.92% 5.09% 0.38% 1.59% 0.17% % New Mexico 0.79% 0.23% New York 25.14% 8.03% 1.28% 14.67% 0.33% North Carolina 2.56% 1.09% 5.55% 1.26% Northern Mariana IsI North Dakota Ohio 3.83% 4.28% 4.97% Oklahoma Oregon 0.67% 0.06% 0.47% Pennsylvania 2.81% 3.37% 13.58% 5.68% 0.51% Puerto Rico 1.94% 0.52% 0.81% Rhode Island 0.59% 1.81% South Carolina 0.50% 1.00% 0.08% South Dakota Tennessee 2.84% 2.62% 2.75% Texas 5.69% 8.82% 14.49% 35.00% 5.44% Utah 0.03% 1.90% 0.15% Virgin Islands 0.06% % 0.10% 0.24% 0.18% % Vermont 0.12% Virginia 0.87% 2.70% 66.08% 1.17% Washington 1.57% 0.64% 3.79% West Virginia 0.29% 0.83% Wisconsin 0.70% 0.65% 0.46% Wyoming 0.56% Mutual Fund Tax Information For PIMCO Funds Shareholders
11 PIMCO Municipal s 2012 Tax Reporting Information State and Territory Detail (continued) California Municipal New York Municipal National Intermediate Municipal Unconstrained Tax Managed Tax Managed Real Return Fund Alabama Alaska 2.49% Arizona 4.19% 1.60% 3.01% Arkansas California % 0.27% 4.06% 18.24% 9.21% Colorado 4.38% 78.89% 1.22% Connecticut 0.55% District of Columbia 0.93% Delaware Florida 12.58% 5.14% 4.59% Georgia 2.76% 1.46% Guam Hawaii 0.18% Idaho Illinois 0.11% 0.55% 3.94% 2.59% Indiana 1.77% 4.20% 5.44% Iowa 0.88% 0.68% Kansas 0.21% 0.23% Kentucky Louisiana 1.46% Maine Maryland 0.23% Massachusetts 0.70% 2.25% 5.62% Michigan 2.59% 2.07% 1.25% Minnesota 1.35% 0.84% Mississippi 1.12% Missouri 2.05% 0.02% 1.40% Montana Nebraska 0.19% Nevada 0.38% 0.78% New Hampshire 4.59% 0.02% New Jersey 6.18% 6.65% New Mexico 0.90% New York 98.70% 3.87% 14.28% 21.00% 17.41% North Carolina 10.68% 0.81% 4.54% Northern Mariana IsI North Dakota Ohio 10.36% 6.55% 8.59% Oklahoma 1.49% 0.88% Oregon 0.25% 0.47% Pennsylvania 1.51% 0.51% 1.83% Puerto Rico 0.89% Rhode Island South Carolina 0.86% South Dakota Tennessee 0.36% Texas 16.10% 7.62% 4.65% 9.12% Utah 0.04% 1.25% Virgin Islands 0.03% % Vermont Virginia 4.19% 0.19% 2.04% Washington 2.73% 4.67% 3.42% West Virginia 0.21% Wisconsin 4.23% 0.71% 1.14% Wyoming 0.24% Mutual Fund Tax Information For PIMCO Funds Shareholders
12 Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information is contained in the fund s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor or PIMCO representative or by visiting pimco. com/investments. Please read them carefully before you invest or send money. PIMCO does not provide legal or tax advice. Please consult your tax advisor and/or legal counsel for specific tax questions and concerns. A word about risk: Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk; investments may be worth more or less than the original cost when redeemed. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investors will, at times, incur a tax liability. from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Equities may decline in value due to both real and perceived general market, economic and industry conditions. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Investments in value securities involve the risk the market s value assessment may differ from the manager and the performance of the securities may decline. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. Investing in distressed companies (both debt and equity) is speculative and may be subject to greater levels of credit, issuer and liquidity risks, and the repayment of default obligations contains significant uncertainties; such companies may be engaged in restructurings or bankruptcy proceedings. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. Tail risk hedging may involve entering into financial derivatives that are expected to increase in value during the occurrence of tail events. Investing in a tail event instrument could lose all or a portion of its value even in a period of severe market stress. A tail event is unpredictable; therefore, investments in instruments tied to the occurrence of a tail event are speculative. There is no assurance when investing in short sales that the security necessary to cover a short position will be available. Some funds are non-diversified, which means that they may invest its assets in a smaller number of issuers than a diversified fund. Diversification does not ensure against loss. Derivatives and commodity-linked derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested. The All Asset, All Asset All Authority, Emerging Multi-Asset, Global Multi-Asset, PIMCO RealRetirement and Distribution Fund and RealRetirement ( ) funds invest in other PIMCO funds and performances are subject to underlying investment weightings, which will vary. The cost of investing in the funds will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. The CommoditiesPLUS Short Strategy, CommoditiesPLUS, and CommodityRealReturn Strategy funds will seek exposure to commodities through commodity-linked derivatives and through the PIMCO Cayman Commodity Fund IV Ltd., a wholly owned subsidiary of the fund organized under the laws of the Cayman Islands (the Subsidiary ). The Subsidiary is advised by PIMCO, and has the same investment objective as the fund. The Subsidiary (unlike the fund) may invest without limitation in commodity-linked swap agreements and other commodity-linked derivative instruments. The value of most bond funds and fixed income securities are impacted by changes in interest rates. Bonds and bond funds with longer durations tend to be more sensitive and more volatile than securities with shorter durations; bond prices generally fall as interest rates rise. PIMCO does not provide legal or tax advice. Please consult your tax advisor and/or legal counsel for specific tax questions and concerns. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Allianz Asset Management of America L.P. and Pacific Investment Management Company LLC, respectively, in the United States and throughout the world PIMCO PIMCO advised funds are distributed by PIMCO Investments LLC _ Mutual Fund Tax Information For PIMCO Funds Shareholders
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