The daily section presents performance dating from the inception of the actual share class only.

**This is the inception date of the oldest share class, which for this Fund include the A, C, D and Institutional share classes. The returns presented are for Administrative shares, which were first offered in 9/06. Returns measure performance from the inception of the oldest share class to the present, so some returns predate the inception of the Administrative share class. Those returns are calculated by adjusting the Institutional returns to reflect the Administrative shares' different charges and expenses. Administrative shares generally have a $5 million minimum investment; under special circumstances they may be available. Please see the prospectus for more information. Total return performance assumes that all dividend and capital gains distributions were reinvested on the payable date and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The PIMCO Emerging Local Bond Fund will invest under normal circumstances primarily in Fixed Income Instruments denominated in currencies of countries with emerging securities markets. The Fund's investments in Fixed Income Instruments may be represented by forwards or derivatives. Investing in non-U.S. securities entails additional risks, including political and economic risk and the risk of currency fluctuations; these risks are generally enhanced in emerging markets. The Fund may, but is not required to, hedge its exposure to non-U.S. currencies. The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. Use of derivative instruments involves certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, and management risk. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. The Fund may invest all of its assets in high yield securities subject to a maximum of 15% of its total assets in securities rated below B by Moody's or by S&P, or, if unrated, determined by PIMCO to be of comparable quality. High-yield securities generally involve greater risk to principal than higher-rated securities. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

^The Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front- or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

JPMorgan Government Bond Index-Emerging Markets Global Diversified (USD Unhedged) is a comprehensive global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds.

Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

^^ This yield is calculated by annualizing the current month's distribution and dividing by the NAV on the last business day of the period. It does not include long- or short-term capital gains distributions. The SEC Yield is a standardized annual yield based on the most recent 30-day period. It is calculated in accordance with current Securities and Exchange Commission regulations and is subject to change.

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