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 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.

All holdings are subject to change daily. All share classes have the same portfolio but different expenses.

PIMCO's average credit quality statistic is intended to provide clients with helpful insight into a portfolio's sensitivity to changes in credit spreads. In general, instruments are weighted at their market value. Certain derivatives, such as swaps, are weighted at "bond equivalent value", which is the notional amount of the instrument adjusted by the current gain or loss on the position. The two "legs" of a swap are included separately in the calculation. The "risky" leg (e.g. the fixed leg for interest rate swaps or the reference entity for credit default swaps) is assigned a credit rating associated with the regional market (for interest rate swaps) or reference entity (for credit default swaps) of the instrument. The "floating" leg is assigned a short-term rating of A1/P1.

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