(U.S. Dollar-Hedged)

Semiannual Report
September 30, 2016

Brent R. Harris
Chairman of the Board PIMCO Funds

Chairman’s Letter

Dear Shareholder,

On the following pages of this PIMCO Funds Semiannual Report, which covers the six-month reporting period ended September 30, 2016, please find specific details regarding investment performance and a discussion of factors that most affected performance over the reporting period.

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Foreign Bond Fund
(U.S. Dollar-Hedged)
Cumulative Return
Geography

Cumulative Returns Through September 30, 2016

$1,000,000 invested at the end of the month when the
Fund’s Institutional Class commenced operations.

Foreign Bond Fund (U.S. Dollar-Hedged)

By investing in high-quality developed countries outside the U.S., the fund provides diverse exposure to multiple economies, interest rates and yield curves, which may enhance return potential, reduce overall portfolio volatility and help mitigate the threat of rising interest rates in the U.S.

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Financial Highlights

Billions($), August 2016

Financial
Highlights

(As on 30 Sep)

Assets
$13,194,916

Liabilities
$5,443,543

Net Assets
$7,751,373

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Our Managers

Andrew Balls
CIO Global Fixed Income

Sachin Gupta
Head of Global Portfolio Management

Lorenzo Pagani
Head of European Government Bond Portfolio Management

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Our Managers

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