This is not an offer or solicitation for the purchase or sale of any financial instrument. It is presented only to provide information on investment strategies and opportunities. The material contains the current opinions of the author, which are subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Diversification does not ensure a profit or eliminate the risks of investing.

The Fund’s investments in non-U.S. securities may be subject to rapid and more extreme changes in value. The securities markets of many foreign countries may be smaller than the U.S. market. Equity issuers in such countries may not be subject to the same degree of securities regulation as U.S. issuers, and accounting and financial reporting standards may differ from those in the U.S. Government interference in the economy may be prevalent for many non-U.S. securities markets. These risk factors are pronounced with emerging markets securities. The Fund may also invest in initial public offerings (IPOs), which can be highly volatile. Stocks issued in IPOs have no trading histories, and information about the companies may be available for very limited periods.

The Fund may invest in derivatives (including options, futures, forward contracts and swap agreements) for purposes including risk management, for leverage (including borrowing), and to gain exposure to other types of investments. Derivatives involve the risk that a counterparty may not be able to comply with the derivatives contract; difficulties in liquidating a derivatives position advantageously; and the risk that the use of derivatives for leverage may increase the Fund’s volatility, with larger gains or losses possible; The successful use of derivatives depends on the buyer or seller being correct about the size and timing of market movements, which are inherently uncertain. Valuation uncertainties also exist with derivatives.

The S&P Global Water Index is composed of 50 of the largest publicly traded companies in water-related businesses that meet specific investability requirements. The index is designed to provide liquid exposure to the leading publicly listed companies in the global water industry, from both developed markets and emerging markets.

Grassroots^SM Research is a division of RCM. Research data used to generate Grassroots Research recommendations is received from reporters and field force investigators who work as independent contractors for broker-dealers. Those broker-dealers supply research to RCM and certain of its affiliates that is paid for by commissions generated by orders executed on behalf of RCM's clients.

PIMCO Funds and 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