PIMCO MUNICIPAL INCOME FUND (“PMF”)

PIMCO CALIFORNIA MUNICIPAL INCOME FUND (“PCQ”)

PIMCO NEW YORK MUNICIPAL INCOME FUND (“PNF”)

PIMCO MUNICIPAL INCOME FUND II (“PML”)

PIMCO CALIFORNIA MUNICIPAL INCOME FUND II (“PCK”)

PIMCO NEW YORK MUNICIPAL INCOME FUND II (“PNI”)

PIMCO MUNICIPAL INCOME FUND III (“PMX”)

PIMCO CALIFORNIA MUNICIPAL INCOME FUND III (“PZC”)

PIMCO NEW YORK MUNICIPAL INCOME FUND III (“PYN”)

1633 Broadway

New York, New York 10019

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE

JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER 19, 201717, 2019

This Proxy Statement and the Annual Report to Shareholders for the fiscal year ended December 31, 20162018 for PMF, PCQ, PNF, PML, PCK, PNI, PMX PZC and PYNPZC are also available at pimco.com/closedendfunds.

PROXY STATEMENT

October 23, 2017November [1], 2019

FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD ON DECEMBER 19, 201717, 2019

INTRODUCTION

This Proxy Statement is furnished in connection with the solicitation by the Boards of Trustees (each a “Board”) of the shareholders of each of PIMCO Municipal Income Fund (“PMF”), PIMCO California Municipal Income Fund (“PCQ”), PIMCO New York Municipal Income Fund (“PNF”), PIMCO Municipal Income Fund II (“PML”), PIMCO California Municipal Income Fund II (“PCK”), PIMCO New York Municipal Income Fund II (“PNI”), PIMCO Municipal Income Fund III (“PMX”), and PIMCO California Municipal Income Fund III (“PZC”) and PIMCO New York Municipal Income Fund III (“PYN”) (each, a “Fund” and, collectively, the “Funds”) of proxies to be voted at the Joint Annual Meeting of Shareholders of each Fund and any adjournment(s) or postponement(s) thereof. The term “Meeting” is used throughout this joint Proxy

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Statement to refer to the Annual Meeting of Shareholders of each Fund, as dictated by the context. The Meeting will be held at the offices of Pacific Investment Management Company LLC (“PIMCO” or the “Manager”), at 1633 Broadway, between West 50^thand West 51^st Streets, 42^nd Floor, New York, New York 10019, on Monday,Tuesday, December 19, 2017,17, 2019, at 10:3011:00 A.M Eastern Time.

The Notice of Joint Annual Meeting of Shareholders (the “Notice”), this Proxy Statement and the enclosed proxy cards are first being sent to Shareholders on or about November 3, 2017.[12], 2019.

The Meeting is scheduled as a joint meeting of the holders of all shares of the Funds, which consist of holders of common shares of each Fund (the “Common Shareholders”) and holders of preferred shares, which include Auction Rate Preferred Shares (“ARPS”) and, for each Fund other than PNF, Variable Rate Municipal Term Preferred Shares (“VMTPS”), of each Fund (the “Preferred Shareholders” and, together with the Common Shareholders, the “Shareholders”). The Shareholders of each Fund are expected to consider and vote on similar matters. The Shareholders of each Fund will vote on whether to elect the applicable proposal set forth hereinBoards’ nominees for Trustees of the Funds (the “Board Nominees”) (the “Proposal”) and on any other matters that may properly be presentedarise for vote by the Shareholders of that Fund. The outcome of voting by the Shareholders of one Fund does not affect the outcome for the other Funds.

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The Board of each Fund has fixed the close of business on October 17, 201718, 2019 as the record date (the “Record Date”) for the determination of Shareholders of each Fund entitled to notice of, and to vote at, the Meeting. The Shareholders of each Fund on the Record Date will be entitled to one vote per share on each matter to which they are entitled to vote and that is to be voted on by Shareholders of the Fund, and a fractional vote with respect to fractional shares, with no cumulative voting rights in the election of Trustees. The following table sets forth the number of common shares (“Common Shares”) and preferred shares (“Preferred Shares” and, together with the Common Shares, the “Shares”) issued and outstanding of each Fund at the close of business on the Record Date:

The classes of Shares listed for each Fund in the table above are the only classes of Shares currently authorized by that Fund.

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At the Meeting, with respect to the election of Trusteesone Trustee (the “Preferred Shares Trustee”) of each Fund will be voted on exclusively by the Preferred Shareholders (including holders of ARPS and, onfor each Fund other than PNF, holders of VMTPS, voting together) of that Fund. Holders of ARPS and VMTPS will be entitled to one vote per share, regardless of the relative liquidation preference of the Preferred Shares. On each other proposal to be brought before the Meeting (including the election of the nominees other than the Preferred Shares Trustee by all Shareholders), the Preferred Shareholders, if any, will have equal voting rights (i.e.(i.e., one vote per Share) with the applicable Fund’s Common Shareholders and will vote together with Common Shareholders as a single class. As summarizedIn connection with the Boards’ nomination process for the Meeting, all current Trustees who have previously been nominated by the Board (the “Board-Nominated Trustees”) voted in favor of the nominations of all Board Nominees standing forre-election.

In addition to the Board Nominees, Dryden Capital, LLC, operating in concert with a hedge fund it manages (“Dryden”), has nominated Derrick A. Clark as a competing Preferred Shares Trustee nominee for each Fund (the “Dryden Nominee”). Dryden is a Preferred Shareholder that owns less than 1% of each Fund’s ARPS. Dryden first purchased ARPS of each Fund in 2016, and continued to purchase ARPS of certain of the Funds at a substantial discount to their face value as recently as 2018. The current Board-Nominated Trustees do not support the Dryden Nominee and urge you to vote in favor ofre-electing the incumbent preferred share Board Nominee. The current Board-Nominated Trustees have worked well together as a Board and have a strong history of actively supporting the interests of the Funds and all of their shareholders.

The Funds’ Trustees (including the Preferred Share Trustees) have a fiduciary duty to act in the table below:best interests of the Fund, and in carrying out this duty, they must consider the interests of all shareholders, both common and preferred. At each of the Funds’ regular quarterly meetings, PIMCO provides the Trustees with detailed reports regarding the Funds’ use of leverage, financing costs, and available leverage alternatives to the Funds’ ARPS. In considering such alternatives, PIMCO and the Trustees consider PIMCO’s economic and interest rate outlook, market conditions, the rollover and refinancing risks inherent in alternative forms of leverage, the costs, terms, permanency, asset coverage requirements and covenants, as applicable, associated with the leverage alternatives available in the marketplace and the viability of conducting additional ARPS tender offers at an adequately discounted price. These factors may vary over time and the decision regarding the best form of financing for a Fund is a Fund-specific decision based on the particular dynamics of the Fund’s financing profile and other market factors.

In this regard, in 2018, at PIMCO’s recommendation, each Fund offered all holders of ARPS, including Dryden, an opportunity to tender up to 100% of their ARPS at a price of 85% of the ARPS’ liquidation preference (i.e.,

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“face value”) in a tender offer. In considering the interests of all shareholders, the Board determined that, at the time and under then-current market conditions, this price represented fair value for the ARPS and was in the best interests of the Funds and their shareholders. Although a substantial percentage of ARPS holders participated in the tender offers, Dryden was offered a 100% liquidity alternative for its ARPS and chose not to participate. As a condition of such tender offers, certain of the Funds issued VMTPS in amounts equal to the aggregate liquidation preference of the ARPS accepted for purchase in such Fund’s tender offer.

Prior to Dryden’s nomination of Mr. Buffington to stand for election as a preferred share Trustee at the Funds’ 2018 annual shareholder meeting, PIMCO and certain of the Funds’ Trustees met with and responded to various questions from Dryden to the extent possible without disclosing material,non-public information. PIMCO and those Trustees explained their views on the value of the permanency of the ARPS to the Funds as compared to available financing alternatives, and explained the Trustees’ fiduciary duty to consider the best interests of all shareholders (both common and preferred) when considering the Funds’ use of leverage. Following Mr. Buffington’s election last year,PIMCO and the Trustees have continued to closely monitor the Funds’ leverage and actively consider alternative primary forms of financing that are in the best interests of Funds and all of their shareholders (both common and preferred), and will continue to do so.

In this regard, at each quarterly Board meeting, PIMCO continues to provide the Trustees with extensive materials and engage in robust discussions regarding the Funds’ use of leverage, including, without limitation, PIMCO’s assessment of the relative costs of ARPS, VMTPS and other forms of leverage available to the Funds. PIMCO has continued to explain its views on the value of the ARPS to the Funds as compared to available financing alternatives.

In this regard, PIMCO has explained to the Trustees that recent declines in market interest rates since the 2018 tender offers have reduced the weekly dividends payable on the ARPS and the Funds’ associated costs, such that the ARPS have, in PIMCO’s view, become an even more valuable source of leverage for the Funds in comparison to alternative forms of leverage available to the Funds, based on, among other considerations, current market conditions and PIMCO’s current interest rate outlook.

Your current Board-Nominated Trustees are experienced and highly qualified fiduciaries who exercise strong fund governance practices. Seven of the nine Board-Nominated Trustees are not “interested persons” (within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds or of the Manager. The Trustees have significant current and past related industry experience, and have actively supported the interests of all of the Funds’ shareholders, both common and preferred. The Board-Nominated Trustees include individuals with substantial professional accomplishments and prior experience in a variety of fields, as further detailed below. In addition, the Board-Nominated Trustees include a combination of long-tenured and newer members, bringing diverse perspectives to Fund oversight.

The Funds’ Trustees urge that youNOT RETURN any proxy card sent to you by Dryden.

PMF/PCQ/PNF/PML/PCK/PNI:

The Common and Preferred Shareholders of each Fund, voting together as a single class, have the right to vote on the election of Sarah E. Cogan, Hans W. Kertess and David N. Fisher, and there-election of CraigDeborah A. Dawson and Bradford K. Gallagher andDeCotis, as Trustees of each Fund. The Preferred Shareholders of each Fund, voting as a separate class, have the electionright to vote on there-election of William B. Ogden, IV and John C. ManeyJames A. Jacobson (or his proposed replacement by the Dryden Nominee) as a Trustee of each Fund.¹

PMX/PZC/PYN:PZC:

The Common and Preferred Shareholders of each Fund, voting together as a single class, have the right to vote on the election of Sarah E. Cogan, David N. Fisher and Alan Rappaport as Trustees of each Fund. The Preferred Shareholders of each Fund, voting as a separate class, have the right to vote on there-election of CraigJames A. Dawson and Deborah A. DeCotis andJacobson (or his proposed replacement by the election of William B. Ogden, IV and John C. ManeyDryden Nominee) as a Trustee of each Fund.¹

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Summary

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You may vote by mail by returning a properly executed proxy card, by internet by going to the website listed on the proxy card, by telephone using the toll-free number listed on the proxy card, or in person by attending the Meeting. Shares represented by duly executed and timely delivered proxies will be voted as instructed on the proxy. If you execute and mail the enclosed proxy and no choice is indicated for the election orre-electionof Trustees listed in the attached Notice, your proxy will be voted in favor of the election orre-election, as applicable, of all nominees. At any time before it has been voted, your proxy may be revoked in one of the following ways: (i) by timely delivering a signed, written letter of revocation to the Secretary of the applicable Fund at 1633 Broadway, New York, New York 10019,650 Newport Center Drive, Newport Beach, California 92660, (ii) by properly executing and timely submitting a later-dated proxy vote, or (iii) by attending the Meeting and voting in person. Please call 1-1-(866)406-2288866-406-2288 for information on how to obtain directions to be able to attend the Meeting and vote in person or for information or assistance regarding how to vote by telephone, mail or by internet. If any proposal, other than the Proposal set forth herein, properly comes before the Meeting, the persons named as proxies will vote in their sole discretion.

The principal executive offices of the Funds are located at 1633 Broadway, New York, New York 10019. PIMCO serves as the investment manager of each Fund. Additional information regarding the Manager may be found under “Additional Information — Investment Manager” below.

The solicitation will be primarily by mail and by telephone and the cost of soliciting proxies for each Fund will be borne by PIMCO. Certain officers of the Funds and certain officers and employees of the Manager or its affiliates (none of whom will receive additional compensation therefor) may solicit proxies by telephone, mail,e-mail and personal interviews. In addition, AST Fund Solutions LLC (“AST”) has been engaged to assist in the solicitation of proxies and manage the Funds’ overall proxy campaign. While the fees received by AST will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval of the current Trustees’ recommendations (and may be increased in connection with the potential Dryden proposal mentioned above), the fees paid to AST are estimated to be between approximately $9,000 and $30,000 per Fund. The actual amount of these expenses will vary depending on a number of factors. Anyout-of-pocket expenses incurred in connection with the solicitation will be borne by PIMCO.

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Unless a Fund receives contrary instructions, only one copy of this Proxy Statement will be mailed to a given address where two or more Shareholders share that address and also share the same surname. Additional copies of the Proxy Statement will be delivered promptly upon request. Requests may be sent to the Secretary of the Fund c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019,650 Newport Center Drive, Newport Beach, California 92660, or by calling1-(866)406-2288866-406-2288 on any business day.

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As of September 30, 2017,the Record Date, the Trustees, nominees and the officers of each Fund as a group and individually beneficially owned less than one percent (1%) of each Fund’s outstanding Shares. To the knowledge of the Funds, the following entities beneficially owned more than five percent (5%) of a class of shares of a Fund:

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PROPOSAL: ELECTION OF TRUSTEES

In accordance with each Fund’s Amended and Restated Agreement and Declaration of Trust (each, a “Declaration”), the Trustees have been divided into the following three classes (each a “Class”): Class I, Class II and Class III. The Nominating Committee and the Board of each applicable Fund has recommended the nominees listed herein for election orre-election, as applicable, as Trustees byrecommends that the Shareholders of the applicable Funds.Fundsre-elect the Board Nominees listed herein as Trustees.

PMF/PCQ/PNF/PML/PCK/PNI. With respect to PMF, PCQ, PNF, PML, PCK and PNI, the term of office of the Class II Trustees and David N. Fisher, will expire at the Meeting; the term of office of the Class III Trustees will expire at the

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Meeting; annual meeting of Shareholders held during the 2020 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2020 through December 31, 2020); and the term of office of the Class I Trustees will expire at the annual meeting of Shareholders during the 2018 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2018 through December 31, 2018); and the term of office of the Class II Trustees will expire at the annual meeting of Shareholders held during the 20192021 fiscal year (i.e., the annual meeting during the fiscal year running from January 1, 20192021 through December 31, 2019)2021). Currently, CraigSarah E. Cogan, James A. Dawson, John C. Maney and Bradford K. GallagherJacobson, Hans W. Kertess, Deborah A. DeCotis are Class IIIII Trustees and Mr. OgdenDavid N. Fisher is a Class IIII Trustee. The Nominating Committee of each Fund has recommended to the Board that Messrs. DawsonMses. Cogan and GallagherDeCotis and Mr. Kertess be nominated for election orre-election, as applicable, by the Common Shareholders and Preferred Shareholders, voting as a single class, as Class IIIII Trustees, that Mr. Maney be nominated for election by the Common Shareholders and Preferred Shareholders, voting as a single class, as a Class I Trustee and that Mr. OgdenFisher be nominated for election by the Common Shareholders and Preferred Shareholders, voting as a single class, as a Class III Trustee and that Mr. Jacobson be nominated forre-election by the Preferred Shareholders, voting as a separate class, as a Class II Trustee. In addition, Dryden has nominated Derrick A. Clark for election by the Preferred Shareholders, voting as a separate class, as a Class II Trustee at the Meeting.Meeting for the seat currently held by Mr. Jacobson. Consistent with each Fund’s Declaration, ifre-elected, the nominees shall hold office for terms coinciding with the Classes of Trustees to which they have been designated. Therefore, if elected orre-elected or elected, as applicable, at the Meeting, Mses. Cogan and DeCotis and Messrs. Dawson, GallagherJacobson and OgdenKertess will serve terms consistent with the Class II Trustees, which will expire at each Fund’s annual meeting of Shareholders held during the 2022 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2022 through December 31, 2022), and Mr. Fisher will serve a term consistent with the Class III Trustees, which will expire at each Fund’s annual meeting of Shareholders held during the 2020 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2020 through December 31, 2020),.

PMX/PZC.With respect to PMX and Mr. Maney will serve aPZC, the term consistent withof office of the Class III Trustees whichand David N. Fisher will expire at the endMeeting; the term of each Fund’soffice of the Class III Trustees will expire at the annual meeting of Shareholders held during the 20182020 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 20182020 through December 31, 2018).

PMX/PZC/PYN.With respect to PMX, PZC2020); and PYN, the term of office of the Class III Trustees will expire at the Meeting; the term of office of the Class I Trustees will expire at the annual meeting of Shareholders during the 2018 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2018 through December 31, 2018); and the term of office of the Class II Trustees will expire at the annual meeting of Shareholders held during the 20192021 fiscal year (i.e., the annual meeting during the fiscal year running from January 1, 20192021 through December 31, 2019)2021). Currently, CraigSarah E. Cogan, James A. Dawson, John C. ManeyJacobson and Deborah A. DeCotis

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Alan Rappaport are Class IIIII Trustees¹ and Mr. OgdenDavid N. Fisher is a Class IIII Trustee. The Nominating Committee of each Fund has recommended to the Board that Ms. DeCotisCogan and Mr. DawsonRappaport be nominated forre-election election by the Common Shareholders and Preferred Shareholders, voting as a single class, as Class IIIII Trustees, that Mr. ManeyFisher be nominated for election by the Common Shareholders and Preferred Shareholders, voting as a single class, as a Class IIII Trustee, and that Mr. OgdenJacobson be nominated for electionre-election by the Common Shareholders and Preferred Shareholders, voting as a singleseparate class, as a Class III

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II Trustee. In addition, Dryden has nominated Derrick A. Clark for election by the Preferred Shareholders, voting as a separate class, as a Class II Trustee at the Meeting.Meeting for the seat currently held by Mr. Jacobson. Consistent with each Fund’s Declaration, ifre-elected, the nomineesBoard Nominees shall hold office for terms coinciding with the Classes of Trustees to which they have been designated. Therefore, if elected orre-elected or elected, as applicable, at the Meeting, Ms. DeCotisCogan and Messrs. DawsonJacobson and OgdenRappaport will serve terms consistent with the Class II Trustees, which will expire at each Fund’s annual meeting of Shareholders held during the 2022 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2022 through December 31, 2022), and Mr. Fisher will serve a term consistent with the Class III Trustees, which will expire at each Fund’s annual meeting of Shareholders held during the 2020 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2020 through December 31, 2020), and Mr. Maney will serve a term consistent with the Class I Trustees, which will expire at the end of each Fund’s annual meeting of Shareholders held during the 2018 fiscal year (i.e., the annual meeting held during the fiscal year running from January 1, 2018 through December 31, 2018).

AllCertain current members of the Board of each Fund are and will remain, if elected, “Continuing Trustees,” as such term is defined in the Declaration of the applicable Fund. In the case of PMF, PCQ and PNF, a “Continuing Trustee” is a Trustee that is not a person or an affiliated person of a person who is entering into or proposing to enter into certain transactions with the applicable Fund, as specified in such Fund’s Declaration, and who has either served as a Trustee for a period of at least twelve months or is a successor to a Continuing Trustee and has been recommended to succeed a Continuing Trustee by a majority of the Continuing Trustees then members of the Board. All current members of the Boards of PMF, PCQ and PNF other than Mr. Buffington and Ms. Cogan are “Continuing Trustees,” and the Board Nominees other than Ms. Cogan will remain Continuing Trustees if elected orre-elected.In the case of PML, PCK, PNI, PMX PZC and PYN,PZC, a “Continuing Trustee” is a Trustee that has either served as Trustee since the inception of the Fund or forthirty-six months, or has been nominated by at least a majority of the Continuing Trustees then members of the Board. All current members of the Boards of PML, PCK, PNI, PMX and PZC other than Mr. Buffington are “Continuing Trustees,” and all of the Board Nominees will remain Continuing Trustees if elected orre-elected. The Dryden Nominee, if elected, would not be a “Continuing Trustee” of any Fund.

Pursuant to each Fund’s Declaration of Trust, certain corporate actions and/or transactions involving the Fund outside of the ordinary course of business (including, among others, mergers, consolidations, significant dispositions of Fund assets, any shareholder proposals as to specific investment decisions and the conversion of a Fund to anopen-end fund) would require the approval of 75% of the Funds’ outstanding shares, unless approved by both a majority of the Board of Trustees and 75% of the Continuing Trustees (in which case shareholders have only the voting rights required by the 1940 Act with respect to such transaction or corporate action, if any).

At any annual meeting of Shareholders, any Trustee elected to fill a vacancy that has arisen since the preceding annual meeting of Shareholders (whether or not such vacancy has been filled by election of a new Trustee by the Board) shall hold office for a term that coincides with the term (or any remaining term) of the Class of Trustees to which such office was previously assigned, if such vacancy arose other than by an increase in the number of Trustees, and until his or her successor shall be elected and shall qualify. In the event such vacancy arose due to an increase in the number of Trustees, any Trustee so elected to fill such vacancy at an annual meeting shall hold office for a term which coincides with that of the Class of Trustee to which such office has been apportioned and until his or her successor shall be elected and shall qualify.

8¹ Bradford K. Gallagher is also currently a Class II Trustee of PMX and PZC, and his term will expire at the Meeting. Due to his scheduled retirement from the Board of all PIMCO Sponsored Closed-End Funds at the end of 2019, he is not standing for re-election as a Trustee of PMX and PZC at the Meeting, and he will no longer be a Trustee of either Fund following the Meeting.

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The following table summarizes the nomineesBoard Nominees who will stand for election orre-election at the Meeting, the respective Classes of Trustees to which they have been designated and the expiration of their respective terms if elected orre-elected, as applicable:

Under this classified Board structure, generally only those Trustees in a single Class may be replaced in any one year, and it would require a minimum of two years to change a majority of the Board under normal circumstances. This structure, which may be regarded as an “anti-takeover” provision, may make it more difficult for a Fund’s Shareholders to change the majority of Trustees of the Fund and, thus, promotes the continuity of management.

Under each Fund’s Bylaws, the Trustees may increase the size of the Board between shareholder meetings and fill a vacancy created by such increase. In the event that Mr. Jacobson is notre-elected by Preferred Shareholders of each Fund the Board of that Fund may increase its size to add one or morenon-Preferred Shares Trustee positions, and may determine to appoint Mr. Jacobson to fill a vacancy. In such event, any Trustee added to the Board would be subject to election by Shareholders at the annual meeting of Shareholders held during the 2020 fiscal year, regardless of the Class of Trustee to which he or she is assigned.

Unless authority is withheld, it is the intention of the persons named in the enclosed proxy for a Fund to vote each proxy for the persons listed above for that Fund. Each of the nomineesBoard Nominees has indicated he or she will serve if elected, but if he or she should be unable to serve for a Fund, the proxy holders may vote in favor of such substitute nominee as the Board may designate (or, alternatively, the Board may determine to saveleave a vacancy).

Trustees and Officers

The business of each Fund is managed under the direction of the Fund’s Board. Subject to the provisions of each Fund’s Declaration, its Bylaws and applicable state law, the Trustees have all powers necessary and convenient to carry out their responsibilities, including the election and removal of the Fund’s officers.

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Board Leadership Structure — Currently, and assuming the nominees are elected as proposed, the Board of Trustees of each Fund consists and will continue to consist of eightten Trustees, sixeight of whom are Independent Trustees. An Independent Trustee serves as ChairmanChair of the TrusteesBoard and is selected by a vote of the majority of the Independent Trustees. The ChairmanChair of the TrusteesBoard presides at meetings of the Board and acts as a liaison with service providers, officers, attorneys and other Trustees generally between meetings, and performs such other functions as may be requested by the Board from time to time.

The Board of each Fund meets regularly four times each year to discuss and consider matters concerning the Funds, and also holds special meetings to address matters arising between regular meetings. The Independent Trustees regularly meet outside the presence of management and are advised by independent legal counsel. Regular meetings generally take placein-person; other meetings may take placein-person or by telephone.

The Board has established sixseven standing Committees to facilitate oversight of the management of the Funds: the Audit Oversight Committee, the Nominating Committee, the Valuation Oversight Committee, the Compensation Committee, the Contracts Committee, the Performance Committee and the PerformanceBoard-Nominated Trustees Committee. The functions and role of each Committee are described below under “Board Committees and Meetings.” The membership of each Committee (other than the Performance Committee and Board-Nominated Trustees Committee) consists of only the Independent Trustees. The Performance Committee consists of all the Trustees. The Board-Nominated Trustees Committee consists of each Trustee who has been nominated for election or appointed to serve as a Trustee by a majority of the Trustees. The Independent Trustees which the Board believesbelieve that participation on each Committee allows them to participate in the full range of the Board’s oversight duties. In addition, the Performance Committee consists of all the Trustees.

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The Board reviews its leadership structure periodically and has determined that this leadership structure, including an Independent Chairman,Chair, a supermajority of Independent Trustees and Committee membership limited to Independent Trustees (with the exception of the Performance Committee and Board-Nominated Trustees Committee), is appropriate in light of the characteristics and circumstances of each Fund. In reaching this conclusion, the Board considered, among other things, the predominant role of the Manager in theday-to-day management of Fund affairs, the extent to which the work of the Board is conducted through the Committees, the number of portfolios overseen by the Board that are advised by the Manager or have an investment adviser that is an affiliated person of the Manager (the “Fund Complex”), the variety of asset classes those portfolios include, the assets of each Fund and other portfolios overseen by the Board in the Fund Complex and the management and other service arrangements of each Fund and such other portfolios. The Board also believes that its structure, including the presence of two Trustees who are executives with the Manager or Manager-affiliated entities, facilitates an efficient flow of information concerning the management of each Fund to the Independent Trustees.

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Risk Oversight — Each of the Funds has retained the Manager to provide investment advisory services and administrative services. Accordingly, the Manager is immediately responsible for the management of risks that may arise from Fund investments and operations. Some employees of the Manager serve as the Funds’ officers, including the Funds’ principal executive officer and principal financial and accounting officer, chief compliance officer and chief legal officer. The Manager and the Funds’ other service providers have adopted policies, processes, and procedures to identify, assess and manage different types of risks associated with each Fund’s activities. The Board oversees the performance of these functions by the Manager and the Funds’ other service providers, both directly and through the Committee structure it has established. The Board receives from the Manager a wide range of reports, both on a regular andas-needed basis, relating to the Funds’ activities and to the actual and potential risks of the Funds. These include reports on investment and market risks, custody and valuation of Fund assets, compliance with applicable laws, and the Funds’ financial accounting and reporting. In addition, the Board meets periodically with the individual portfolio managers of the Funds or their delegates to receive reports regarding the portfolio management of the Funds and their performance, including their investment risks. In the course of these meetings and discussions with the Manager, the Board has emphasized the importance of the Manager maintaining vigorous risk-management programs and procedures.procedures with respect to the Funds.

In addition, the Board has appointed a Chief Compliance Officer (“CCO”). The CCO oversees the development of compliance policies and procedures that are reasonably designed to minimize the risk of violations of the federal securities laws (“Compliance Policies”). The CCO reports directly to the Independent Trustees, interacts with individuals within the Manager’s organization and provides presentations to the Board at its quarterly meetings and an annual report on the application of the Compliance Policies. The Board periodically discusses relevant risks affecting the Funds with the CCO at these meetings. The Board has approved the Compliance Policies and reviews the CCO’s reports. Further, the Board annually reviews the sufficiency of the Compliance Policies, as well as the appointment and compensation of the CCO.

The Board recognizes that the reports it receives concerning risk management matters are, by their nature, typically summaries of the relevant information. Moreover, the Board recognizes that not all risks that may affect the Funds can be identified in advance; that it may not be practical or cost-effective to eliminate or mitigate certain risks; that it may be necessary to bear certain risks (such as investment-related risks) in seeking to achieve the Funds’ investment objectives; and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.

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Information Regarding Trustees and Board Nominees.

The following table provides information concerning the Trustees/Board Nominees of the Funds.

12

139

14

1510

 Interested Trustees

16

17

11

18

The following table states the dollar range of equity securities beneficially owned as of the Record Date by each Trustee and nomineeBoard Nominee of each Fund and, on an aggregate basis, of any registered investment companies overseen by the Trustees in the “family of investment companies,” including the Funds.

David N. Fisher

None

Board Committees and Meetings.

Audit Oversight Committee. The Board of each Fund has established an Audit Oversight Committee in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Each Fund’s Audit Oversight Committee currently consists of Messrs. Gallagher, Jacobson, Kertess, Ogden, Rappaport and Ms. DeCotis, each of whom is an Independent Trustee. Mr. Jacobson is the current Chair of each Fund’s Audit Oversight Committee. Each Fund’s Audit Oversight Committee provides oversight with respect to the internal and external accounting and auditing procedures of each Fund and, among other things, determines the selection of the independent registered public accounting firm for each Fund and considers the scope of the audit, approves all audit and permittednon-audit services proposed

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to be performed by those auditors on behalf of each Fund, and approvesnon-audit services to be performed by the auditors for certain affiliates, including the Manager and entities in a control relationship with the Manager that provide services to each Fund where the engagement relates directly to the operations and financial reporting of the Fund. The Committee considers the possible effect of those services on the independence of the Funds’ independent registered public accounting firm. Each member of each Fund’s Audit Oversight Committee is “independent,” as independence for audit committee members is defined in the currently applicable listing standards of the NYSE, on which the Common Shares of each Fund are listed.

The Board of each Fund has adopted a written charter for its Audit Oversight Committee. A copy of the written charter for each Fund, as amended through February 24, 2017,December 13, 2018, is attached to this Proxy Statement as Exhibit A. A report of the Audit Oversight Committee of each Fund, dated February 24, 2017,20, 2019, is attached to this Proxy Statement asExhibit C.

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Nominating Committee. The Board of each Fund has established a Nominating Committee composed solely of Independent Trustees, currently consisting of Messrs. Buffington, Gallagher, Jacobson, Kertess, Ogden, Rappaport and Mses. Cogan and DeCotis. Ms. DeCotis.DeCotis serves as Chair of each Fund’s Nominating Committee. The Nominating Committee is responsible for reviewing and recommending qualified candidates to the Board in the event that a position is vacated or created or when Trustees are to bere-elected. The Nominating Committee of each Fund has adopted a charter, which is attached to this Proxy Statement asExhibit B.

Each member of each Fund’s Nominating Committee is “independent,” as independence for nominating committee members is defined in the currently applicable listing standards of the NYSE, on which the Common Shares of each Fund are listed.

Qualifications, Evaluation and Identification of Trustees/Board Nominees. The Nominating Committee of each Fund requires that Trustee candidates have a college degree or equivalent business experience. When evaluating candidates, each Fund’s Nominating Committee may take into account a wide variety of factors including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board, (ii) relevant industry and related experience, (iii) educational background, (iv) ability, judgment and expertise and (v) overall diversity of the Board’s composition. The process of identifying nominees involves the consideration of candidates recommended by one or more of the following sources: (i) the Fund’s current Trustees, (ii) the Fund’s officers, (iii) the Fund’s investment adviser, (iv) shareholders of the Fund, and (v) any other source the Committee deems to

25

be appropriate. The Nominating Committee of each Fund may, but is not required to, retain a third party search firm at a Fund’s expense to identify potential candidates.

Consideration of Candidates Recommended by Shareholders. The Nominating Committee of each Fund will review and consider nominees recommended by Shareholders to serve as Trustees, provided that the recommending Shareholder follows the “Procedures for Shareholders to Submit Nominee Candidates for the PIMCO SponsoredClosed-End Funds,” which are set forth as Appendix B to the Funds’ Nominating Committee Charter, attached to this Proxy Statement asExhibit B. Among other requirements, these procedures provide that the recommending Shareholder must submit any recommendation in writing to the Fund, to the attention of the Fund’s Secretary, at the address of the principal executive offices of the Fund and that such submission must be received at such offices not less than 45 days nor more than 75 days prior to the date of the Board or shareholder meeting at which the nominee would be elected. Any recommendation must include certain biographical and other information regarding the candidate and the recommending Shareholder, and must include a written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected. The foregoing description of the requirements is only a summary. Please refer to Appendix B to the Nominating Committee Charter for each Fund, which is attached to this Proxy Statement asExhibit B for details.

The Nominating Committee has full discretion to reject nominees recommended by Shareholders, and there is no assurance that any such person properly recommended and considered by the Committee will be nominated for election to the Board of each Fund.

Diversity. The Nominating Committee takes diversity of a particular nominee and overall diversity of the Board into account when considering and evaluating nominees for Trustee. While the Committee has not adopted a particular definition of diversity, when considering a nominee’s and the Board’s diversity, the Committee generally considers the manner in which each nominee’s professional experience, education, expertise in matters that are relevant to the oversight of the Funds (e.g., investment management, distribution, accounting, trading, compliance, legal), general leadership experience, and life experience are complementary and, as a whole, contribute to the ability of the Board to oversee the Funds.

Valuation Oversight Committee. The Board of each Fund has established a Valuation Oversight Committee currently consisting of Messrs. Buffington, Gallagher, Jacobson, Kertess, Ogden and Rappaport and Ms.Mses. Cogan and DeCotis. Mr. Ogden isserves as the

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Chair of each Fund’s Valuation Oversight Committee. The Valuation Oversight Committee has been delegated responsibility by the Board for overseeing determination of the fair value of each Fund’s portfolio securities and other assets on behalf of the Board in accordance with the Funds’ valuation procedures. The Valuation Oversight Committee of each Fund reviews and approves procedures for the fair valuation of the Fund’s portfolio securities and periodically reviews information from the Manager regarding fair value determinations made pursuant to Board-approved procedures, and makes related recommendations to the full Board and assists the full Board in resolving particular fair valuation and other valuation matters. In certain circumstances as specified in the Funds’ valuation policies, the Valuation Oversight Committee may also determine the fair value of portfolio holdings after consideration of all relevant factors, which determinations shall be reported to the full Board.

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Compensation Committee. The Board of each Fund has established a Compensation Committee currently consisting of Messrs. Buffington, Gallagher, Jacobson, Kertess, Ogden, Rappaport and Mses. Cogan and DeCotis. Ms. DeCotis.DeCotis serves as the Chair of each Fund’s Compensation Committee. The Compensation Committee meets as the Board deems necessary to review and make recommendations regarding compensation payable to the Trustees of the Fund who are not directors, officers, partners or employees of the Manager or any entity controlling, controlled by or under common control with the Manager.

Contracts Committee. The Board of each Fund has established a Contracts Committee currently consisting of Messrs. Buffington, Gallagher, Jacobson, Kertess, Ogden, Rappaport and Ms.Mses. Cogan and DeCotis. Ms. DeCotis isCogan serves as the Chair of each Fund’s Contracts Committee. The Contracts Committee meets as the Board deems necessary to review the performance of, and the reasonableness of the fees paid to, as applicable, the Funds’ investment adviser(s) and anysub-adviser(s), administrators(s) and principal underwriters(s) and to make recommendations to the Board regarding the approval and continuance of each Fund’s contractual arrangements for investment advisory,sub-advisory, administrative and distribution services, as applicable.

Performance Committee. The Board has established a Performance Committee, which consists of Messrs. Buffington, Gallagher, Jacobson, Kertess, Ogden, Rappaport, Maney and DawsonFisher and Ms.Mses. Cogan and DeCotis. Mr. Rappaport isserves as the Chair of the Performance Committee. The Performance Committee’s responsibilities include reviewing the performance of the Funds and any changes in investment philosophy, approach and personnel of the Funds’ Manager.

Board-Nominated Trustees Committee.The PerformanceBoard established a Board-Nominated Trustees Committee was established on March 23, 201726, 2019, which consists of Messrs. Gallagher, Jacobson, Kertess, Ogden, Rappaport, Maney and Fisher and Mses. Cogan and DeCotis. Ms. DeCotis is the Chair of the Board-Nominated Trustees Committee. The Board-Nominated Trustees Committee’s purpose is to handle these responsibilities that have been performedprovide a body pursuant to date bywhich the Board-Nominated Trustees may meet separately to consider and formulate recommendations for the full Board regarding (i) matters with respect to which Trustees who are not Board-Nominated Trustees may be deemed to have a conflict or potential conflict of interest, including, without limitation, conflicts involving affiliations with parties adverse to the Funds or Trustees in litigation or potential litigation and held its initial meeting in September 2017.(ii) other matters that may be deemed appropriate for separate consideration by the Board-Nominated Trustees.

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Meetings. With respect to each Fund, during the fiscal year ended December 31, 2016,2018, the Board of Trustees held four regular meetings and onethree special meeting.meetings. The Audit Oversight Committee met in separate session sevensix times, the Nominating Committee met in separate session one time,two times, the Valuation Oversight Committee met in separate session fivefour times, the Compensation Committee met in separate session one time, the Contracts Committee met in separate session five times and the ContractsPerformance Committee met in separate session three times. The PerformanceBoard-Nominated Trustees Committee was established on March 23, 2017,26, 2019 and therefore did not meet during the fiscal year.year ended December 31, 2018. Each Trustee attended in person orvia teleconference at least 75% of the regular meetings of the Board and meetings of the committees on which such Trustee served for each Fund that were held during the fiscal year ended December 31, 2016.2018.

The Trustees generally do not attend the annual shareholder meetings.

Shareholder Communications with the Board of Trustees. The Board of Trustees of each Fund has adopted procedures by which Shareholders may send communications to the Board. Shareholders may mail written communications to the Board to the attention of the Board of Trustees, [name of Fund], c/o Joshua D. Ratner, Vice President, Secretary and Chief Legal Officer (“CLO”),Fund Administration, Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. Shareholder communications must (i) be in writing and be signed by the Shareholder and (ii) identify the class and number of Shares held by the Shareholder. The CLOSecretary of each Fund or hisher designee is responsible for reviewing properly submitted shareholder communications. The CLOSecretary shall either (i) provide a copy of each properly submitted shareholder communication to the Board at its next regularly scheduled Board meeting or (ii) if the CLOSecretary determines that the communication requires more immediate attention, forward the communication to the Trustees promptly after receipt. The CLOSecretary may, in good faith, determine that a shareholder communication should not be provided to the Board because it does not reasonably relate to a Fund or its operations, management, activities, policies, service providers, Board, officers, shareholders or other

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matters relating to an investment in a Fund or is otherwise routine or ministerial in nature. These procedures do not apply to (i) any communication from an officer or Trustee of a Fund, (ii) any communication from an employee or agent of a Fund, unless such communication is made solely in such employee’s or agent’s capacity as a shareholder, or (iii) any shareholder proposal submitted pursuant to Rule14a-8 under the Exchange Act or any communication made in connection with such a proposal. A Fund’s Trustees are not required to attend the Fund’s annual shareholder meetings or to otherwise make themselves available to shareholders for communications, other than by the aforementioned procedures.

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Delinquent Section 16(a) Beneficial Ownership Reporting Compliance.16(a) Reports. Each Fund’s Trustees and certain officers, investment adviser, certain affiliated persons of the investment adviser and persons who beneficially own more than 10% of any class of outstanding securities of a Fund (i.e., a Fund’s Common Shares or Preferred Shares) are required to file forms reporting their affiliation with the Fund and reports of ownership and changes in ownership of the Fund’s securities with the Securities and Exchange Commission (the “SEC”) and the NYSE. These persons and entities are required by SEC regulation to furnish each Fund with copies of all such forms they file. Based solely on a review of these forms furnished to each Fundfiled electronically with the SEC and any written representation from reporting persons during the most recently concluded fiscal year, each Fund believes that each of the Trustees and officers, investment adviser and relevant affiliated persons of the investment adviser and the persons who beneficially own more than 10% of any class of outstanding securities of the Fund has complied with all applicable filing requirements during each Fund’s respective fiscal year.

Required Vote. There-election of Messrs. Dawson and GallaherMs. DeCotis and the election of Ms. Cogan and Messrs. ManeyFisher and OgdenKertess to the BoardBoards of PMF, PCQ, PNF, PML, PCK and PNI will require the affirmative vote of a plurality of the votes of the Common Shareholders and Preferred Shareholders (voting together as a single class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy. There-election of Ms. DeCotis and Mr. Dawson andJacobson or the election of Messrs. Maney and Ogdenthe Dryden Nominee to the Board of PMF, PCQ, PNF, PML, PCK and PNI will require the affirmative vote of a plurality of the votes of the Preferred Shareholders (voting as a separate class) of the relevant Fund cast in the election of Preferred Shares Trustees at the Meeting, in person or by proxy. The election of Ms. Cogan and Messrs. Fisher and Rappaport to the Boards of PMX PZC and PYNPZC will require the affirmative vote of a plurality of the votes of the Common Shareholders and Preferred Shareholders (voting together as a single class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy. There-election of Mr. Jacobson or the election of the Dryden Nominee to the Board of PMX and PZC will require the affirmative vote of a plurality of the votes of the Preferred Shareholders (voting as a separate class) of the relevant Fund cast in the election of Preferred Shares Trustees at the Meeting, in person or by proxy. The requirement for “the affirmative vote of a plurality of the votes… cast” means, assuming that a quorum is present, that the nominee who receives the largest number of votes of the applicable Shares cast in person or by proxy at the Meeting (even if he or she receives less than a majority) will be elected orre-elected, as applicable, as a Trustee.

THE BOARD OF TRUSTEES OF EACH FUND UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THIS PROPOSAL AND THE PROPOSALBOARD NOMINEES FOR EACH FUND.

ADDITIONAL INFORMATION

Executive and Other Officers of the Funds. The table below provides certain information concerning the executive officers of the Funds and certain other officers who perform similar duties. Officers of the Funds hold office at the pleasure of the relevant Board and until their successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed with or without cause or becomes disqualified. Officers and employees of the Funds who are principals, officers, members or employees of the Manager are not compensated by the Funds.

Funds

2919

30

31

20

32

Shwetha P. Shenoy⁽²⁾

1975

Assistant

Treasurer