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Investors should consider the investment objectives, risks, charges and expenses of this Fund carefully before investing. This and other information is contained in the Fund´s prospectus and summary prospectus, if available, which may be obtained by contacting your financial advisor, or by calling 888-877-4626. Click here for the Fund´s prospectus or summary prospectus. Please read them carefully before you invest or send money.
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.
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. NOT FDIC INSURED / MAY LOSE VALUE / NO BANK GUARANTEE
