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 PIMCO Developing Local Markets Fund will invest its assets in currencies of, or in Fixed Income Instruments denominated in the currencies of, developing and emerging market countries. The Fund will likely concentrate its investments in Asia, Africa, the Middle East, Latin America and the developing countries of Europe. Currency rates in foreign countries may fluctuate significantly over short periods of time. As a result, the Fund's investments in foreign currency-denominated securities may reduce the returns of the Fund. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. The Fund is subject to interest rate risk; when interest rates rise, bond prices generally fall. The Fund may use derivative instruments for hedging purposes, to gain exposure to foreign currencies 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 in these instruments. The Fund may invest all of its assets in high yield securities which generally involve a greater risk to principal than higher rated bonds, including greater price volatility and default risk. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified Fund.

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 overall market is represented by the unmanaged index which is the fund?s 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 portfolios market risk is greater than the overall markets, 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.

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. Investment Products: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED