Mutual Funds 

Returns measure performance from the inception of the actual share class to the present and assume that all dividend and capital gain distributions were reinvested on the payable date. The returns shown do not take into account sales charges or the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Please see each fund profile page for more complete information on the fund, including the necessary risk disclosures.

A Word About Risk: 
These Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so.  Portfolios investing in derivatives could lose more than the principal amount invested in these instruments.
 
Equity funds are subject to the basic stock market risk that a particular security, or securities in general, may decrease in value. When investing in value securities, the market may not necessarily have the same value assessment as the manager, and, therefore, the performance of the securities may decline. Investments in overseas markets pose special risks, including currency fluctuation and political risks, and the portfolio is expected to be more volatile than that of a U.S. only portfolio. The securities of emerging markets may be less liquid and are subject to the risks of currency fluctuations and political developments. Small-cap stocks may be subject to a higher degree of risk than more established companies’ securities.  The illiquidity of the small-cap market may adversely affect the value of these investments.
 
Each sector of the bond market entails risk. The guarantee on Treasuries and Government Bonds is to the timely repayment of principal and interest.  Shares of the Funds are not guaranteed. When interest rates rise, the value of fixed income securities generally declines. There is no assurance that private guarantors or insurers will meet their obligations. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generally involve a greater risk to principal than higher rated bonds. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets.
 
The Allianz Global Investors Solutions Funds' NAV will fluctuate in response to changes in the NAV of the underlying Funds, and the cost of investing in those Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.
 
Allianz Funds are distributed by Allianz Global Investors Distributors LLC, 1633 Broadway, New York, NY 10019-7585, www.allianzinvestors.com, 1-800-926-4456.