ALTERNATIVES

ASSET ALLOCATION

CORE

CREDIT

EMERGING MKTS

EQUITY

GLOBAL

GOV’T/MORT

INFLATION PROTECTION

Institutional Class, Accumulation and Income Shares
For the month ending 31 October 2011

Euro Liquidity Fund
PERFORMANCE - NET OF FEES
1 0.8
Total Return (%)

FUND INFORMATION
Fund Description: The Euro Liquidity Fund is actively managed to preserve capital, maximise current income and maintain daily liquidity, while minimising any risk relative to the benchmark. The fund invests solely in Euro–denominated instruments with maturities of fewer than 397 days and maintains a weighted average maturity of 60 days or less. Investor Benefits: The Fund attempts to maintain a stable net asset value development, although there can be no assurance it will be successful in doing so. The Fund Advantage: This Fund meets key objectives of cash investors by maintaining high credit quality, liquidity, principal stability and a steady source of income.

0.6 0.4 0.2 0
3 yrs 1 yr 6 mos 3 mos 1 mo 2009 2010 YTD

BASIC FACTS
Accumulation Income Bloomberg Ticker PIMELIN PIMELII ISIN IE00B3KBGQ10 IE00B2RCGF99 Sedol B3KBGQ1 B2RCGF9 Valoren 4888796 CH4234706 WKN A0RDUC A0Q0AH Unified Management Fee 0.25% 0.25% Inception Date 16/12/2008 13/05/2008 7 Day Money Mkt Yield 0.77% 30 Day Money Mkt Yield 0.72% Fund Type UCITS Portfolio Manager Thomas Finkenzeller Fund Assets 194.9 (EUR in Millions) Distribution Income Class Shares Daily Accrual

PIMCO Fund Accum (%)* PIMCO Fund Income (%)* Benchmark (%)

0.72 0.74

0.70 0.73 0.66

0.40 0.44 0.37

0.20 0.19 0.18

0.11 0.07 0.06

0.78 0.72

0.80 0.29 0.44

0.60 0.63 0.57

The benchmark is Eonia - Euro OverNight Index Average. All periods longer than one year are annualised. *As the fund was officially closed on 31 October 2011 owing to the public holiday in Ireland, for performance measurement purposes (only) an estimated Net Asset Value (NAV) has been calculated based upon a fair value of the fund as at 31 October 2011. The estimated NAV has been used in the figures above to show the performance of the fund in comparison to the relevant benchmark.

MARKET COMMENTARY
■ ■ ■

The ECB maintained its main policy rate at 1.5% The euro–zone CPI remained flat at 3.0% during October European leaders agreed that systemically important banks should meet Core Tier 1 capital ratios of 9% by the end of June 2012

F U N D S TAT I S T I C S
Effective Duration (yrs) Benchmark Duration (yrs) Current Yield (%) Market Weighted Yield (%) Average Coupon Effective Maturity (yrs) 0.13 0.00 1.81 0.84 1.84 0.28
■ ■

PORTFOLIO RECAP
The Fund performed in line with its benchmark for the month Contributors to portfolio performance included:

Exposure to corporate treasury bills which generated carry versus the benchmark

MARKET OUTLOOK AND STRATEGY

Maintain high quality bias by owning top quality short–term issues and continue to emphasize liquid securities that provide low price volatility Own discount bills issued by European governments and seek to enhance yields with select high quality covered bonds Maintain exposure to longer maturity issues in order to benefit from the steepness of the money market curve

For questions regarding the PIMCO Funds: Global Investors Series plc, please call +44 (0) 20 7408 8955 Visit our Website for a full menu of products and services at www.europe.pimco-funds.com

Core Strategies
EuriborPLUS Low Average Duration US Government Money Market MUNICH

Euro Bond Total Return Bond

Euro Liquidity UK Sterling Low Average Duration

Global Advantage UK Total Return Bond

AMSTERDAM

HONG KONG

LONDON

NEW YORK

NEWPORT BEACH

SINGAPORE

SYDNEY

TOKYO

TORONTO

ZURICH

This Fund may use derivative instruments for hedging purposes or as part of its investment strategy. PIMCO has offices in North America. PIMCO Europe Ltd. Investment in a Fund that invests in high-yield. a subsidiary of the Munich-based Allianz Group. universities. Euro Liquidity Fund . CONTACT: PIMCO Europe Ltd (Registered in England and Wales. This risk may be enhanced when investing in Emerging Markets. PIMCO Europe Ltd. Amsterdam Branch is additionally regulated by the AFM in the Netherlands. London E14 5HS) in the UK. Asia and Australia and is owned by Allianz Global Investors. offers services to wholesale clients as defined in the Corporations Act 2001. Munich Branch (Company No. 103 Wigmore Street London. founded in 1971. Wheelock Place Singapore 238880 Tel: +65 6491 8000 AsiaFunds@pimco. and millions more around the world. The value of shares can go up as well as down. trust banks and insurance companies.MANAGER PIMCO Global Advisors (Ireland) Limited INVESTMENT ADVISOR PIMCO Europe Ltd. This communication must be accompanied or preceded by a PIMCO Funds: Global Investors Series plc prospectus. which can entail greater risks due to non-Euro economic and political developments. 199804652K) is regulated by the Monetary Authority of Singapore.com Pacific Investment Management Company LLC 840 Newport Center Drive Newport Beach. It is computed as a weighted average of all overnight unsecured lending transactions undertaken in the interbank market. 2604517). PIMCO provides services to qualified institutions and investors who fall within the category of professional client as defined in the FSA's Handbook. Company No. PIMCO Asia Limited is licensed pursuant to the Securities and Futures Ordinance in Hong Kong. a leading global insurance company. including educators. Munich Branch is additionally regulated by the BaFin in Germany in accordance with Section 53b of the German Banking Act. Portfolios investing in derivatives could lose more than the principal amount invested. Investment management products and services offered by PIMCO Japan Ltd are offered only to persons within its respective jurisdiction. Our clients include state. working in partnership with financial intermediaries such as Registered Investment Advisors. England Tel: +44 (0) 20 7408 8955 GISFundSupport@pimco. Europe. PIMCO Japan Ltd.Institutional . ABOUT PIMCO PIMCO. is a global investment solutions provider managing retirement and other assets for more than 8 million people in the U. Member of Japan Securities Investment Advisers Association and Investment Trusts Association. PIMCO Australia Pty Ltd. CA 92660 Tel: + 1 (949) 720 4706 GISFundSupport@pimco. W1U 1QS. Past performance is not a guarantee or a reliable indicator of future results. PIMCO Europe Ltd. We also serve individual investors. Performance data shown is after the effect of fees. Copyright 2011. This report is not a public offer.com SECTOR DIVERSIFICATION (%) MARKET VALUE WEIGHTED Treasury Agency Domestic Commercial Paper Yankee Commercial Paper Repurchase Agreements Floating Rate Notes Other Cash 5 26 0 0 46 0 23 0 ABOUT THE BENCHMARK Eonia (Euro OverNight Index Average) is the effective overnight reference rate for the euro. lower-rated securities. PIMCO Funds: Global Investors Series plc is an umbrella type open-ended investment company with variable capital and with segregated liability between Funds incorporated with limited liability under the laws of Ireland with registered number 276928. This information is not for use within any country or with respect to any person(s) where such use could constitute a violation of the applicable law. PIMCO Asia Pte Ltd (Registration No. Amsterdam Branch (Company No. healthcare workers and public safety employees.com PIMCO Asia Pte Ltd 501 Orchard Road #08-03. PIMCO Canada Corp provides services only to accredited investors within certain provinces or territories in accordance with applicable law. broker/dealers. local and union pension and retirement plans whose beneficiaries come from all walks of life. 157591) and PIMCO Europe Ltd. 24319743) are authorized and regulated by the Financial Services Authority (25 The North Colonnade. Use of these instruments may involve certain costs and risks.S. Retail investors wishing to purchase PIMCO Funds shares should do so via their financial intermediary. foundations and endowments. 2604517) Registered Office Nations House. Financial Instruments Business Registration Number: Director of Kanto Local Finance Bureau (Financial Instruments Firm) No. AFSL 246862 and ABN 54084280508.382. PIMCO. The Fund can invest a portion of its assets in non-Euro securities. will generally involve greater volatility and risk to principal than investments in higher-rated securities. Canary Wharf. We are advisors and asset managers to central banks. corporations. and are not available to persons where provision of such products or services is unauthorized. PIMCO Europe Ltd (Company No. initiated within the euro area by the contributing banks.

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