Investments: Target-Date Funds 

A Word About Risk: Equities have tended to be volatile and, unlike bonds, do not offer a fixed rate of return. Foreign markets may be more volatile, less liquid, less transparent and subject to less oversight, and values may fluctuate with currency exchange rates; these risks may be greater in emerging markets. Investments in smaller companies may be more volatile and less liquid than investments in larger companies. Investing in a limited number of sectors or issuers may increase risk and volatility. A security may not perform as anticipated if the market does not agree with the portfolio manager’s value assessment. Convertible securities involve the added risk that securities must be converted before it is optimal. High-yield or “junk” bonds have lower credit ratings and involve a greater risk to principal. Derivative prices depend on the performance of an underlying asset; derivatives carry market, credit and liquidity risk. Securities purchased in initial public offerings have no trading history, limited issuer information and increased volatility. The Allianz Global Investors Solutions Funds are exposed to the same types of risks as the underlying funds in which they invest. The cost of investing in the Allianz Global Investors Solutions Funds will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. The target date included in the Fund’s name does not necessarily represent the specific year an investor will begin withdrawing assets. It is intended only as a general guide.