Past performance is no guarantee of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed.

The Fund will normally invest in equity, debt and convertible securities. It is expected that substantially all of the Fund's debt securities and a substantial portion of its convertible securities will consist of securities rated below investment grade. Below investment grade securities generally involve a greater risk to principal than investment grade securities. The Fund may invest a portion of its assets in non-U.S. securities, including emerging markets securities. Investing in non-U.S. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks may be enhanced in emerging markets. Investing in convertible securities may entail risk. Funds that invest in convertibles may have to convert the securities before they would otherwise, which may have an adverse effect on the Fund?s ability to achieve its investment objective.

The Fund also expects to employ a strategy of writing (selling) call options on the stocks held in its portfolio up to approximately 70% of the value of each position (the "Option Strategy"). The Option Strategy is designed to generate gains from options premiums in an attempt to enhance the Fund's distributions payable to the Fund's shareholders and to reduce overall portfolio risk. The Fund may invest a significant portion of its assets in securities that have not been registered for public sale, but that are eligible for purchase and sale by qualified institutional buyers. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. Use of derivative 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.

All holdings are subject to change daily. All share classes have the same portfolio but different expenses.

In the statistics section, P/E Ratio, P/B Ratio and Median Market Cap. are the averages of the P/E, P/B and market capitalization of the issues held by the fund. P/E is a ratio of security price to earnings per share. Typically, an undervalued security is characterized by a low P/E ratio, while an overvalued security is characterized by a high P/E ratio. P/B is a ratio of the security price to the book value; it is used to identify undervalued stocks. Market capitalization is the value of a corporation as determined by the market price of its issued and outstanding common stock. It is calculated by multiplying the number of outstanding shares by the current share price.

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