The daily section presents performance dating from the inception of the actual share class only.

**This is the inception date of the oldest share classes, which for this Fund are the A, B, C, D, Institutional and Administrative share classes. The returns presented are for Institutional shares, and measure performance from the inception of the oldest share classes to the present. Total return performance assumes that all dividend and capital gains distributions were reinvested on the payable date and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Institutional shares generally have a $5 million minimum investment; under special circumstances they may be available. Please see the prospectus for more information.

The Fund may invest in value securities and in smaller companies. The Fund may also invest in non-U.S. securities. 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. Investing in smaller companies may entail greater risk than investing in larger companies, including higher volatility. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Focusing investments in a smaller number of issuers increases risk. This Fund may use derivative instruments for hedging purposes or as part of its 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 those instruments.

The Russell 3000 Value Index measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Index is an unmanaged index generally representative of the U.S. market for large domestic stocks, as determined by total market capitalization, and which represents approximately 98% of the investable U.S. equity market. Unless otherwise noted, index returns reflect the reinvestment of dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

^The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

Growth of $10,000 and Best/Worst 1-Year Period results are calculated at NAV and assume that all dividend and capital gain distributions were reinvested. They do not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

PIMCO Funds & 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. NOT FDIC INSURED / MAY LOSE VALUE / NO BANK GUARANTEE

The performance number from the year of the Fund's inception is the cumulative return over a partial year.