PIMCO Preferred and Capital Securities Fund Class Institutional

The investment seeks maximum total return, consistent with prudent investment management. The fund invests at least 80% of its assets in a diversified portfolio of preferred securities and Capital Securities. "Capital Securities" include securities issued by U.S. and non-U.S. financial institutions that can be used to satisfy their regulatory capital requirements. It will invest under normal circumstances at least 25% of its net assets in preferred securities. The fund may invest up to 20% of its total assets in common stock. It may also invest in contingent convertible securities.