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 cost of investing in the All Asset All Authority Fund will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. The Fund's net asset value (NAV) will fluctuate in response to changes in the NAV of the underlying PIMCO Funds in which it invests. Although the Fund normally invests in a number of different underlying Funds, it will be particularly sensitive to the risks associated with that particular Fund and any investments in which that Fund concentrates. The Fund's allocation among the underlying Funds will vary, and the investment may be subject to various risks at different times and to different degrees.

The Fund's allocation among the underlying Funds will vary, and the investment may be subject to various risks at different times and to different degrees. Investments in non-U.S. securities may entail greater risk due to non-U.S. economic and political developments, which may be enhanced when investing in emerging markets. The underlying funds 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. 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. Investments in mortgage-related securities may be sensitive to interest rates. When interest rates rise the value of the security generally declines. There is no assurance that private guarantors or insurers will meet their obligations. Investments in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments. Investments in real estate-linked derivative instruments may subject the Fund to greater volatility and economic, regulatory, and liquidity risk.

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.

The credit quality of the securities in the portfolio is generally calculated by Moody's or S&P; if unrated, the investment manager may determine a comparable rating, which is included in the portfolio breakdown. The credit quality of the investment in the portfolio does not apply to the stability or safety of the fund.

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