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 substantially all of its assets in non-U.S. equity derivatives, backed by a portfolio of Fixed Income Instruments. The Fund may invest in common stocks, options, futures, options on futures and swaps. The Fund uses equity derivatives in addition to or in place of stocks to attempt to equal or exceed the performance of the MSCI EAFE Net Dividend Index. The Fund seeks to remain invested in equity derivatives and/or stocks even when the Index is declining. 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.

The Fund may invest in non-U.S. equities or non-U.S. equity derivatives that do not comprise the Index. 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. The Fund does not normally invest directly in stocks. However, when equity derivatives appear to be overvalued, the Fund may invest some or all of its assets in stocks. The Fund also may invest in exchange traded funds. The Funds equity exposure will not be hedged into U.S. dollars. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

The Fund may invest in high yield securities (junk bonds) rated B or higher by Moodys or S&P, or, if unrated, determined by PIMCO to be of comparable quality. 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. The Fund may invest Fixed Income Instruments of issuers based in countries with emerging market economies and may invest in emerging market equity securities up to the approximate weightings in the Funds index. With respect to the Funds fixed income investments, the Fund may invest in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. With respect to the Funds fixed income investments, the Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets.

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.

Risk Section Source: IDS GmbH-Analysis and Reporting Services, an investment analysis and reporting service which is a subsidiary of Allianz SE. This section is based on the actual share class and measures volatility. The different elements comprising this section are explained below. The overall market is represented by the unmanaged index which is the fund? official benchmark in its prospectus. Beta measures the market related volatility of a portfolio. The beta of the market is 1 by definition. A beta greater than 1 indicates that a portfolio's market risk is greater than the overall market's, while a beta less than 1 indicates a lower market risk. It is important to note that having a low market risk does not necessarily imply low volatility. A portfolio may have a low beta while experiencing volatility due to factors independent of the market. R-squared measures the percentage of a portfolio's movements that are explained by movements in the overall market. Standard deviation is an absolute measure of volatility measuring dispersion about an average which, for a mutual fund, depicts how widely the returns varied over a certain period of time.

PIMCO's average credit quality statistic is intended to provide clients with helpful insight into a portfolio's sensitivity to changes in credit spreads. In general, instruments are weighted at their market value. Certain derivatives, such as swaps, are weighted at "bond equivalent value", which is the notional amount of the instrument adjusted by the current gain or loss on the position. The two "legs" of a swap are included separately in the calculation. The "risky" leg (e.g. the fixed leg for interest rate swaps or the reference entity for credit default swaps) is assigned a credit rating associated with the regional market (for interest rate swaps) or reference entity (for credit default swaps) of the instrument. The "floating" leg is assigned a short-term rating of A1/P1.

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