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 invests in small-sized companies, whose stock values may fluctuate more than other companies and which may trade less frequently and in less volume than more widely held securities. The Fund may invest in IPOs, which have no trading history and may be highly volatile. Real estate investment trusts (REITS) may also be held, which are subject to fluctuations in real estate values and the difficulties of buying or selling real estate. The Fund may invest in options, futures and other derivatives, which involve the risk of being mispriced or valued improperly, or the prices of the derivatives may not correlate perfectly with the underlying securities. Derivatives can also involve liquidity risk- that is, the difficulty of purchasing or selling them. Diversification does not assure a profit or protect against loss.

This is not intended as a recommendation, offer or solicitation for the purchase or sale of any financial instrument. References to specific sectors, securities or issuers are for illustrative purposes only. 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