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.

Each sector of the bond market entails risk. Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. The guarantee on Treasuries and Government Bonds is to the timely repayment of principal and interest.  Shares of the Funds are not guaranteed. Mortgage-backed securities and Corporate Bonds may be sensitive to interest rates. 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. 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.

* The Contingent Deferred Sales Charge (CDSC) on Class C shares of this fund is imposed only on shares redeemed in the first year.

** The Real Distribution Rate (RDR), calculated daily, gives new investors an indication of their payment level in addition to adjustments for inflation. The RDR is the current annualized fund distribution divided by the current Net Asset Value per share (NAV). Unlike the real interest rates seen in the TIPS markets, this rate also includes principal that is returned to investor over the life of the Funds. As a result, the RDR will increase as the maturity date approaches because a new investor would receive their principal back over a shorter time horizon. The Fund’s distributions are adjusted monthly for changes in Consumer Price Index for all Urban Consumers before seasonal adjustment (calculated by the Bureau of Labor Statistics). Also, the monthly distribution may be adjusted during the term of the Fund to better enable the Fund to provide regular monthly distributions until the final maturity date. The Fund’s distributions are not guaranteed.

PIMCO Funds and Allianz Funds are distributed by Allianz Global Investors Distributors LLC, 1345 Avenue of the Americas, New York, NY 10105-4800, www.allianzinvestors.com, 1-888-877-4626.

Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED