Form 424B3 PIMCO California Flexibl

paid to agents and intermediaries for sub-transfer agency, sub-accounting and other shareholder services on behalf of shareholders of Shares of the Fund (or Shares of a particular class of Shares) held through omnibus and network, register shareholder accounts (together, the “Delegated Transfer Agency Expenses”), except where the Delegated Transfer Agency Expenses are paid under Rule 12b-1 or a similar plan adopted by the Board; the Fund’s custody fees, including any record keeping services provided by the Custodian; cost of obtaining a quote for the calculation of the value of the Fund’s net assets; the cost of maintaining the Fund’s tax records; certain expenses and fees, including legal fees relating to meetings of shareholders of the Fund; certain expenses related to the preparation, printing and the distribution of prospectuses, notices and proxy statements, press releases and reports of the Fund to shareholders; certain expenses related to the preparation and filing of registration statements and their updates and relationships with regulatory bodies; expenses associated with maintaining the existence and qualification of the Fund to do business; the costs (including registration costs) of issue, redemption and redemption (including the costs associated with redemptions from the Fund pursuant to Rule 23c-3 of the Act); registration expenses and common stock eligible for sale with federal and state securities authorities after the initial registration of its Ordinary shares under the 1933 Act (i.e., which are not specified Fund organization and offering expenses below) and following any registration of a new class of shares of the Fund after its initial registration; and the costs of qualifying and listing Existing Common Shares on a stock exchange or other trading system; the Ordinary legal expenses of the Fund, including legal expenses that arise in the normal course of business for a Massachusetts a business trust, registered as a closed-end investment company and, where applicable, operating as a “interval fund” pursuant to Rule 23c-3 of the Act, or which is listed for trading on a stock exchange or other trading system; the cost of printing certificates representing the common shares of the Fund, if any; the pro rata of the Fund part of the fidelity bond required by section 17(g) of the Act, or other insurance premiums; and organizational and offering costs, including registration costs (including share registration), legal, marketing, printing, accounting and other costs, linked to any registration of a new class of shares of the Fund after its first registration.

The Fund (and not PIMCO) is responsible for certain fees and expenses which are not covered by the management fees under the investment management agreement. These include wages and other remuneration or the expenses, including travel expenses, of any executive officer and employee of the Fund, if any, who is not officers, directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; taxes and government charges, if any, taken from the Fund; brokerage fees and commissions and other portfolio transactions expenses incurred by or for the Fund (including, without limitation, the fees and expenses of outside legal counsel or third-party consultants retained in connection with the review, negotiation and structuring of specialized and other loans investments made by the Fund, and all costs associated with the granting of loans, the securitization of assets, the lending strategies and “broken transaction costs” (for example, fees, costs, expenses and liabilities, including, for for example, due diligence fees, costs, expenses and liabilities, with respect to unconsummated investments) ); the Fund’s securities lending fees (if any), including securities lending agent fees, as governed by a separate securities lending agreement; the costs, including interest charges, of borrowing money or carrying out other types of leveraged financing, including, but not limited to, through the use of the Repo Fund agreements, dollar rollovers/repurchases, bank loans, credit facilities and call option obligations; costs, including dividends and/or interest and other expenses (including, without limitation, offering and related legal fees, brokers, auction agent fees, transfer agent fees, rating agency fees and auditor fees associated with meet the requirements of rating agencies for preferred shares or other securities issued by the Fund and other requirements in the Fund’s constitutive documents) associated with the issue, offer, redemption and maintaining preferred stock, commercial paper or other instruments (such as the use of reverse redemption agreements, dollar rollovers/redemptions, bank loans, credit facilities and call option obligations) for the purposes of incur leverage; the fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; dividend and interest charges on short positions taken by the Fund; fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; extraordinary expenses, including extraordinary expenses legal fees, if any, including but not limited to costs incurred in connection with litigation, proceedings, other claims and the Fund’s legal obligations to indemnify its trustees, officers, employees, shareholders, distributors and agents in this respect; fees and expenses, including legal, printing and mailing costs, solicitation fees and other fees and expenses associated with and relating to meetings of shareholders and solicitations of proxies involving contested elections of trustees, shareholder proposals or other non-routine matters that are not initiated or proposed by the management of the Fund; the costs of organizing and offering the Fund, including registration (including share registration costs), legal, marketing, printing, accounting and other costs related to the organization of the Fund in its jurisdiction and upon the initial registration of the Fund under the Act and the initial registration

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