PIMCO All Asset Fund. Quarterly Investment Report. March 31, 2015

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1 Quarterly Investment Report March 31, 2015 PIMCO All Asset Fund PIMCO 650 Newport Center Drive Newport Beach California (888) 87-PIMCO

2 All Asset Fund First Quarter 2015 PIMCO All Asset Fund Market Commentary Eurozone bonds and equities rallied strongly on the announcement of quantitative easing (QE), though economic data also improved on the margin Federal Reserve (Fed) officials reiterated their desire to hike rates sometime this year, but moved away from explicit forward guidance, emphasizing instead the importance of incoming data Ever-lower interest rates in the eurozone helped anchor government bond yields in the U.S. and U.K., while the U.S. dollar appreciated against most currencies Performance among risk assets, such as emerging market and corporate bonds, was choppy throughout the quarter as these sectors grappled with the prospect of Fed rate hikes and the ongoing fallout from energy price declines Fund Recap The following strategies were positive for performance: Allocations to credit strategies, including high yield and non-agency mortgages, as these securities gained value Exposure to U.S. core and long maturity bond strategies as government bond yields fell during the quarter Non-U.S. developed equites, as easing monetary policies abroad supported these markets The following strategies were negative for returns: Exposure to emerging market local bonds and emerging markets (EM) currencies, as a the U.S. dollar rallied Holdings in commodities, which were also impacted by a rising dollar and other commodity-specific factors Market Outlook A wave of monetary policy accommodation and a near cessation of fiscal austerity will underpin global growth and offer support local financial markets Sizeable economic slack should keep global inflationary pressures contained, though core inflation measures in the U.S. have bottomed and begun trending higher The U.S. is on track for above-trend growth, however that may prompt tighter Fed policy later in the year Eurozone prospects should benefit on the margin from lower oil prices, a weaker euro, and the European Central Bank s (ECB) new QE program Japan is set to emerge from a technical recession; a slowing property sector will continue to weigh on Chinese growth Emerging markets face divergent growth prospects based on commodity reliance and sensitivity to central bank moves Fund Strategy Emphasize 3 rd Pillar asset classes that diversify fully-valued U.S. stocks and bonds, provide responsiveness to changes in inflation levels, and offer compelling risk and return potential relative to traditional 60/40 balanced portfolios Maintain a pro-cyclical tilt as our business cycle model continues to indicate low probabilities of an economic slowdown over the next six months Retain core holdings in EM debt given attractive real yields, quality balance sheets and inflation hedging potential Within equities, favor fundamentally weighted international and EM equities vs. market-cap weighted U.S. equities, as dividends yields and valuations are more attractive Tactically replace long maturity Treasuries with long maturity Treasury Inflation-Protected Securities (TIPS) as marketbase inflation expectations appear cheap Hold liquid alternative strategies as preferred dry powder allocations versus low yielding cash or core U.S. bonds 1 Risk Disclosures and Index Descriptions are located in the Important Information section of the Appendix

3 PIMCO Funds Bond Statistics Report: All Asset Fund Allocation Your Global Investment Authority For Fund Statistics Call AS OF: 31 MARCH 2015 PIMCO All Asset Fund Total Fund Number 736 Fund Name All Asset Fund Total Fund Net Assets ($US MM) 30, /30/ /31/2012 3/31/2013 6/30/2013 9/30/ /31/2013 3/31/2014 6/30/2014 9/30/ /31/2014 3/31/2015 Short-Term Strategies: 0.3% 0.0% 0.2% -0.2% 0.8% 0.6% 0.6% 1.1% 0.3% 1.5% 0.8% Government Money Market Fund % Low Duration Fund 0.2% 0.0% 0.0% - 0.8% 0.6% 0.6% 0.9% 0.3% 0.5% Low Duration Exchange Traded Fund % 0.2% 0.2% Short Term Fund 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Net Short Duration Instruments 0.0% 0.0% 0.2% -0.2% 0.0% 0.1% 0.0% 0.0% -0.2% 0.0% US Core and Long Maturity Bond Strategies: 5.8% 10.8% 11.3% 10.4% 8.3% 4.8% 4.8% 7.9% 15.3% 12.3% 4.2% GNMA Fund Investment Grade Corporate Bond Fund 1.2% 2.8% 3.1% 2.6% 0.9% 0.3% 0.0% 0.0% 2.0% 2.3% Long Duration Total Return Fund 0.1% 1.8% 3.2% 3.1% 2.2% 0.1% 0.0% 0.4% 1.8% 1.9% Long Term Credit Fund 2.8% 3.7% 3.6% 3.8% 3.8% 3.8% 4.1% 4.2% 3.4% 1.9% Long-Term US Government Fund 0.0% 1.0% 0.7% 0.7% 0.5% 0.1% 0.1% 0.3% 5.8% 3.9% Mortgage-Backed Securities Fund Total Return Fund 1.7% 1.5% 0.7% 0.2% 0.9% 0.5% 0.6% 3.1% 2.4% 2.2% EM and Global Bond Strategies: 30.8% 28.7% 26.9% 26.8% 25.0% 24.5% 24.4% 24.3% 20.8% 19.3% 21.4% Diversified Income Fund 4.4% 4.3% 4.0% 3.6% 3.6% 3.6% 3.5% 3.2% 0.1% 0.1% Emerging Local Bond Fund 7.9% 7.4% 7.0% 7.1% 7.4% 7.2% 7.3% 7.4% 9.5% 9.1% Emerging Markets Bond Fund 4.0% 3.4% 3.1% 3.1% 3.5% 3.7% 4.0% 3.9% 1.9% 0.5% Emerging Markets Corporate Bond Fund 0.4% 0.8% 0.7% 0.7% 1.0% 1.4% 1.4% 1.4% 0.6% 0.2% Emerging Markets Currency Fund 8.0% 7.0% 6.6% 6.8% 7.2% 7.4% 7.2% 7.1% 8.3% 9.1% Foreign Bond Fund (Unhedged) 2.9% 2.7% 2.4% 2.4% 0.7% 0.1% 0.1% 0.3% 0.3% 0.3% Global Advantage Strategy Bond Fund 3.3% 3.2% 3.0% 3.0% 1.8% 1.0% 0.9% 0.9% 0.0% 0.0% Global Bond Fund (Unhedged) Credit Strategies: 30.4% 29.5% 29.1% 29.3% 26.1% 23.9% 23.4% 18.6% 11.5% 14.1% 14.9% Convertible Fund 2.1% 0.7% 0.3% 0.1% Floating Income Fund 6.7% 6.6% 6.2% 5.4% 3.3% 2.0% 1.9% 1.8% 0.3% 0.1% High Yield Fund 8.1% 6.2% 6.0% 6.3% 5.5% 4.8% 4.6% 1.1% 0.4% 2.6% High Yield Spectrum Fund 2.6% 3.0% 3.7% 4.1% 4.2% 4.3% 4.5% 3.7% 2.7% 2.9% Income Fund 8.8% 10.3% 10.0% 10.3% 10.5% 10.7% 10.5% 10.3% 6.5% 6.2% Senior Floating Rate Fund 2.1% 2.6% 2.8% 3.1% 2.5% 2.2% 1.9% 1.8% 1.6% 2.3% Inflation Related Strategies: 8.0% 2.5% 2.0% 2.1% 5.2% 8.3% 8.9% 9.7% 10.9% 12.6% 16.9% CommoditiesPLUS Strategy Fund 5.4% 2.4% 1.8% 1.8% 2.1% 2.8% 2.9% 3.0% 3.6% 3.1% CommodityRealReturn Strategy Fund 1.8% 0.1% 0.1% 0.1% 0.8% 1.4% 1.5% 1.7% 3.0% 4.0% Global Advantage Inflation-Linked Bond Exchange-Traded Fund - 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Real Return Asset Fund 0.0% 0.0% 0.0% 0.0% 0.4% 0.3% 0.4% 0.5% 1.3% 1.3% Real Return Fund 0.0% 0.0% 0.0% 0.0% 0.3% 0.3% 0.2% 0.3% 1.2% 1.4% RealEstateRealReturn Strategy Fund 0.8% % 1.6% 3.4% 3.9% 4.1% 1.6% 2.9% US Equity Strategies: 0.9% 0.9% 1.0% 1.0% 1.1% 1.2% 1.2% 1.1% 2.4% 4.0% 2.8% Fundamental IndexPLUS Fundamental IndexPLUS AR 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.6% Low Volatility RAFI -PLUS AR Fund % 0.2% 0.4% 1.7% 2.7% Small Cap StocksPLUS AR Strategy 0.1% 0.1% 0.1% 0.2% 0.2% 0.1% 0.1% 0.0% 0.0% 0.0% Small Company Fundamental IndexPLUS AR Strategy 0.6% 0.6% 0.6% 0.7% 0.7% 0.8% 0.8% 0.7% 0.6% 0.7% StocksPLUS Fund 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% StocksPLUS Absolute Return Fund 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% 0.0% Global Equity Strategies: 18.4% 17.8% 16.8% 16.4% 19.7% 23.2% 22.9% 23.9% 24.0% 19.8% 20.6% EM Fundamental IndexPLUS AR Strategy Fund 10.1% 9.7% 8.9% 8.3% 10.0% 11.6% 7.3% 6.0% 4.7% 4.1% EMG Intl Low Volatility RAFI -PLUS AR Fund % 4.0% 6.8% 8.3% 7.7% EqS Dividend Fund 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.0% 0.0% EqS Emerging Markets Fund 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% 0.0% 0.0% EqS Pathfinder Fund 1.8% 1.8% 1.8% 1.8% 2.3% 3.5% 3.3% 2.2% 2.2% 1.2% International Fundamental IndexPLUS AR Strategy Fund 5.4% 5.3% 5.1% 5.3% 6.3% 6.9% 4.0% 3.2% 3.1% 3.0% International StocksPLUS AR Strategy Fund (U.S. Dollar Hedged) 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% 0.0% 0.0% International StocksPLUS AR Strategy Fund (Unhedged) 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.0% 0.0% 0.0% Intl Low Volatility RAFI -PLUS AR Fund 0.0% 3.2% 5.7% 5.7% 3.8% Alternative Strategies: 5.4% 9.6% 12.7% 14.2% 13.7% 13.5% 13.8% 13.3% 14.9% 16.3% 18.4% Credit Absolute Return Fund 0.2% 0.5% 0.5% 1.0% 2.0% 2.0% 3.0% 2.8% 1.1% 0.8% EqS Long/Short Fund 0.4% 0.3% 0.4% 0.4% 0.4% 0.4% 0.5% 0.5% 0.5% 0.5% Fundamental Advantage Absolute Return Strategy Fund 2.8% 4.1% 2.8% 2.9% 1.5% 2.3% 2.4% 2.6% 4.9% 4.8% Mortgage Opportunities Fund % 0.5% 0.5% 0.6% 0.5% 0.6% 0.6% TRENDS Managed Futures Strategy Fund % 0.2% 0.2% 0.2% Unconstrained Bond Fund 2.0% 3.8% 5.3% 6.2% 5.4% 3.8% 2.8% 2.5% 2.2% 1.8% Worldwide Fundamental Advantage AR Strategy Fund - 0.8% 3.7% 3.7% 3.9% 4.3% 4.4% 4.2% 5.5% 4.6% Worldwide Long/Short Fundamental Strategy Fund % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% The portfolio composition is presented to illustrate the underlying funds in which the PIMCO All Asset Fund invested as of the date shown and may not be representative of the current or future investments of the portfolio. The portfolio composition does not include the entire investment portfolio, which may change at any time. Small allocations may round to zero. Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund s prospectus and summary prospectus, if available, which may be obtained by contacting your PIMCO representative. Please read them carefully before you invest or send money. 2

4 Summary of Performance Data and Portfolio Statistics PIMCO All Asset Fund Institutional Class 5-Year Return vs. Standard Deviation 12 Performance Since Periods Ended 3/31/2015 Inception 10 yrs 5 yrs 3 yrs 1 yr 6 mos 3 mos Total Portfolio 1 Before Fees (%) After Fees (%) (Inception 07/31/02) Barclays U.S. TIPS: 1-10 Year Index (%) Consumer Price Index Basis Points (%) Annualized Return (%) Index Portfolio Expense Ratio The Fund's Total Annual Operating Expenses The Fund's Net Operating Expenses 0.995% 0.865% Standard Deviation of Return 2 (%) The net expense ratio reflects the accounting treatment of certain investments (e.g., reverse repurchase agreements) but do not reflect actual expenses paid to PIMCO and a contractual expense reduction agreement through 31 July Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator 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. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit or call (888) 87-PIMCO. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors. Summary Information 12/31/2014 3/31/2015 Total Net Assets (USD in millions) 31, ,

5 Additional Share Class Performance PIMCO All Asset Fund March 31, 2015 Net of Fees Performance Gross Net NAV Inception Since Expense Expense Currency Date Inception Year Year Year Year Month Month Ratio Ratio ADMINISTRATIVE Class: All Asset Fund, Administrative USD Dec Barclays U.S. TIPS: 1-10 Year Index Consumer Price Index Basis Points Class D: All Asset Fund, Class D USD Apr Barclays U.S. TIPS: 1-10 Year Index Consumer Price Index Basis Points Class P: All Asset Fund, Class P USD Apr Barclays U.S. TIPS: 1-10 Year Index Consumer Price Index Basis Points The net expense ratio reflects the accounting treatment of certain investments (e.g., reverse repurchase agreements) but do not reflect actual expenses paid to PIMCO and a contractual expense reduction agreement through 31 July Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator 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. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit or call (888) 87-PIMCO. The minimum initial investment for Institutional class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors. 4

6 Market Commentary First Quarter 2015 In addition to the European Central Bank s (ECB) highly anticipated foray into quantitative easing (QE) the New Year began with a host of global central banks re-embracing monetary easing. Eurozone bonds and equities rallied strongly on the announcement of QE, though economic data also improved on the margin. The U.S. Federal Reserve (Fed) remained an outlier in the sea of central bank easing as officials reiterated their desire to hike rates sometime this year. The stronger U.S. dollar may have contributed to a moderation in business sentiment, but robust job creation supported the Fed s view that growth remains on solid ground. Finally, some trends from 2014 lingered into 2015, including generalized U.S. dollar strength, lower oil prices, and lingering uncertainty as evidenced in the choppiness of risk assets. Over 20 central banks eased monetary policy in the first quarter. Some cut rates multiple times, while others deployed different tools. These actions raised rumors of a currency war, but the primary motivation was to fight disinflationary pressures (in the case of developed markets) and opportunistically stimulate economies (in the case of emerging markets). The ECB s determination to prevent deflation took center stage when it launched its highly anticipated QE program on January 22. The announcement beat market expectations as it targeted 60 billion in purchases per month, spread across member states and included longer-dated maturities. Further, by linking it to inflation objectives, the ECB left the program open-ended. With the avalanche of ECB buying expected to exceed net bond supply, the euro plunged, bond yields fell and equity markets soared. In addition, a number of economic indicators business surveys, retail sales and gross domestic product (GDP) came in stronger than anticipated, further lifting sentiment in the region. Even tense negotiations between Greece and Germany over new bailout terms and another reform package had little market impact beyond Greece. In contrast to the ECB, the Fed moved away from explicit forward guidance about its next rate hike and emphasized the 5 importance of incoming data. In this regard, numbers from the labor market indicated continued strength, as the unemployment rate fell to 5.5%, non-farm payrolls beat expectations and other data suggested employers are finding it more difficult to fill vacancies. This underlying economic strength, coupled with positive tailwinds for the consumer from lower oil prices, supported growing evidence that monetary policy in the U.S. is set to become less accommodative over the year. Recognizing this, the Fed dropped the word patient from its statement, but because wage and other inflationary pressures remain muted, the Fed also emphasized that the path of future rate increases will be more gradual than in previous cycles. In the end, this emphasis, along with concerns that a rapidly appreciating U.S. dollar might clip exports and corporate profits, encouraged markets to pare back rate hike expectations for the summer. Against a backdrop of global monetary stimulus and solid growth in the U.S., several market trends from late 2014 continued into the New Year. Ever-lower interest rates in the eurozone helped anchor government bond yields elsewhere, such as in the U.S. and U.K., while the U.S. dollar added to its strong performance by appreciating against most other currencies. Performance among risk assets, such as emerging market and corporate bonds, was choppy throughout the quarter as these sectors grappled with the prospect of Fed rate hikes and the ongoing fallout from energy price declines. Crude oil prices were similarly volatile falling at the start of the year, appearing to form a bottom in February, and then weakening again as Saudi Arabia launched a military intervention in Yemen and negotiations with Iran approached their deadline. Returns were mostly positive across asset classes The following summarizes asset class returns during the quarter: Global equity markets were broadly higher in the first quarter of 2015 as the MSCI All Country World Index returned 2.3%. Healthcare and consumer discretionary stocks lead the market, while stocks in the energy and utilities sectors

7 Market Commentary, (cont d) First Quarter 2015 generally declined. Within the U.S., the S&P 500 returned 0.95%. While health insurers and household durables companies made positive contributions to index performance, energy and utilities stocks trailed the market with negative returns. Among developed equity markets outside of the U.S., stocks as represented by the MSCI EAFE rose by 4.9% with strong contributions from equities markets in Japan, Denmark, and Germany as accommodative monetary policy in Japan and Europe stimulated demand for risk assets. After a challenging 2014, emerging market (MSCI EM Index) stocks generated a return of 2.2% as Russian stocks, particularly those in the energy and materials sectors, rebounded significantly with a return of 18.6% as the ruble recovered and investor sentiment improved. Greece, on the other hand, weighed on the market with its stock market declining by 29.3% as fears about its future in the ECB fueled risk aversion among investors. Most global bond markets rallied as central bank easing continued. The ECB announced its long awaited QE program which was larger than anticipated, but the swath of rate cuts across Canada, Denmark, Sweden, and Australia came as a surprise, as did the Bank of England s move to a more dovish stance. The U.S. was the main outlier in the quarter s renewed global easing as the March Federal Open Market Committee (FOMC) statement removed the word patient. That said, lingering uncertainty about the pace of growth and low prospects for inflation allowed U.S. Treasuries to rally along with its global peers. U.S. Treasuries returned 1.64% for the quarter (Barclays U.S. Aggregate Total Treasury Index), as intermediate and long maturity yields declined (10- year (1.92%) and 30-year (2.54%) yields declined 25 and 22 basis points, respectively). Non-agency mortgage-backed securities prices were stable to higher, as the sector continues to benefit from limited new issue supply and strong investor demand. Collateral fundamentals have also continued their gradual long-term improving trend. The high yield market continued to follow the cue set by the energy sector, though we began to see some sector differentiation in place of the indiscriminate selling that marked the fourth quarter. Treasury Inflation-Protected Securities (TIPS) returned 1.42% for the quarter (based on the Barclays U.S. TIPS Index) as softer economic data and dovish central bank action helped moved real rates lower. Despite the continued decline in crude oil, U.S. breakeven inflation (BEI) levels found some support over the quarter with 10-year BEI ending 10bps higher at 1.78%. Broad commodities posted negative returns in the first quarter of 2015 as the Credit Suisse Commodity Benchmark (CSCB) shed 7.46%. The asset class was generally pressured by the stronger dollar, in addition to the commodity specific factors. 6

8 Market Outlook Second Quarter 2015 PIMCO expects global growth to accelerate modestly to +2.75% in 2015 from around +2.5% last year. A wave of monetary policy accommodation and a near cessation of fiscal austerity will underpin global growth while offering support for local financial markets, while still sizeable economic slack should keep inflationary pressures well contained. The roughly 40% oil price cut will further buoy these trends by transferring wealth from producers to consumers and by keeping headline inflation subdued. The U.S. is on track for modestly above-trend growth of %, with inflation only gradually approaching the Federal Reserve s (Fed) 2% target. A robust outlook for personal consumption growth forms the foundation of our outlook. Consumer spending will be supported by a still healthy pace of job gains and real incomes boosted by lower energy prices. Both housing and business investment will contribute to growth, but to a lesser degree. We expect home prices to rise gradually and sales trends to continue, but housing will remain a small portion of economic growth. Business investment should continue to expand as demand improves and capacity utilization rates rise, though capital expenditure plans in the energy sector are likely to be scaled back. Importantly, our expectations for moderate growth, lower energy prices and a still strong U.S. dollar suggest inflationary pressures will build only gradually, allowing the Fed to begin reducing its policy accommodation at a very measured pace. We have upgraded our eurozone growth forecast to 1.25%- 1.75%, though we expect inflation to remain low. A trifecta of tailwinds lower oil prices, a weaker euro, and the European Central Bank s (ECB) new quantitative easing (QE) program will buoy European growth this year. The benefits of a weaker currency are evident in the trade accounts with imports weaker and exports stronger, while the terms of trade for energy is also showing marked improvement. Going forward, the ECB s QE program will be a substantial source of liquidity and will also serve to anchor interest rates across member states. Yet despite 7 these supports, growth will remain modest and substantial slack will keep inflation low. With the unemployment rate still high (11.3%) and wages rising at only 1% over the past year, it s easy to see why consumer credit continues to contract and domestic demand remains sluggish. Given this backdrop we expect the ECB to have plenty of justification for continuing or even expanding its asset purchase program in the year ahead. We have modestly downgraded our already below-consensus forecast for China: We now expect growth in the low 6% range. As China addresses the ongoing slowdown in its property sector and deleveraging in the shadow-banking system, we expect additional easing from the People s Bank of China (PBOC) as lower real rates will be required to successfully achieve a soft landing. Our outlook for Japan has not changed and we expect growth to recover from last year s technical recession. The decisions late last year to delay the next value-added tax (VAT) hike and increase the size of the Bank of Japan s (BOJ) easing program will provide needed support. Japan will also benefit from the further decline in oil prices and past depreciation of the yen. We expect growing dispersion in emerging markets, especially given the recent moves in commodity markets. Differences across emerging market (EM) countries in initial conditions, commodity reliance, and sensitivity to Fed and U.S. dollar moves suggest we are likely to see further divergence in economic outcomes over the next few quarters. Our % forecast for the BRIM economies reflects improved growth prospects in Mexico and India offset by expected recessions in both Russia and Brazil. Investment Strategies: Third Pillar orientated globally diversified portfolio Recently falling inflation expectations and the appreciation of the U.S. dollar have only served to increase our preference for what are already bargain-priced Third Pillar assets, and trades in the

9 Market Outlook, (cont d) Second Quarter 2015 last half of the year and December have been in line with such preferences: Third Pillar Allocations Emerging Markets and Global Bonds: Our research on demography indicates that unlike developed economies, EM economies are expected to experience positive labor force growth and increased productivity growth, both of which should act as tailwinds to real GDP growth over the coming decades. This higher economic growth should lead to higher equilibrium interest rates along with currency appreciation due to stark productivity growth differentials between EM and developed economies. As such, EM bonds remain a core holding in the fund, despite expected periods of shortterm volatility. In addition, EM debt started 2014 with valuations in the 27th percentile, ranking it as one of the most attractive asset classes in our opportunity set. Credit Strategies: Throughout most of 2014, we reduced allocations in this relatively rich category to take some profits and fund allocations to more attractively priced assets. As spreads widened with oil selling off, we paused and began adding as assets cheapened. Current allocations are spread among underlying strategies that emphasize high yield, nonagency mortgage and bank loan sectors. Inflation Related Strategies: During the quarter we increased exposure to long maturity Treasury Inflation- Protected Securities (TIPS) and reduced exposure to long maturity Treasuries. U.S. breakeven inflation (BEI) levels fell below their historical average over the past two years driven in part by falling oil prices. TIPS are also more compelling now given the Fed s desire to be reasonably certain inflation moves higher before raising rates. Alternative Strategies: These strategies tend to exhibit lower betas to mainstream risk factors and are useful as dry powder strategies until risk assets are priced to offer more meaningful reward potential. While these strategies tend to 8 be less correlated with equity beta and interest rate risk, returns are never guaranteed to be positive. That said, given the business cycle model indicating an incredibly low probability of below-trend growth over the next six months, alternative strategies are expected to outperform the low yields in cash and countercyclical core fixed income assets. Equities ( First Pillar ) U.S. Equities: Our allocation to U.S. equities remains low as valuations remain high versus both their own history and other regions. The S&P 500 dividend yield continues to remain below 2% and is relatively unattractive compared to international equities, where EM and developed ex-u.s. dividend yields are closer to the 3% range. Global Equities: This category, which includes EM and developed ex-u.s. equities, continues to comprise the majority of the fund s equity exposure. These exposures are obtained almost exclusively through underlying PIMCO strategies that use Research Affiliates Fundamental Index (RAFI) or Research Affiliates Low Volatility Equity Index approaches instead of traditional market cap weighted indexes. These smart beta equity strategies are expected to continue to add value from RAFI s rebalancing methodology to fundamental measures of a company s size, and from PIMCO s portable alpha. Fixed Income ( Second Pillar ) U.S. Core and Long Maturity Bonds: This category was reduced during the first quarter to take profits as interest rates fell and long maturity bonds rallied. Part of the reduction was also due to our shift out of nominal Treasuries and into TIPS to take advantage of attractive break-even inflation levels, which we viewed as moving too low following the sharp decline in oil prices in recent months.

10 Market Outlook, (cont d) Second Quarter 2015 Short-Term: Allocations here remain low as short duration fixed income continues to offer low nominal yields and negative real yields. 9

11 Appendix Risk Disclosures March 31, 2015 Past performance is no guarantee of future results. Forecasts are based on proprietary research and should not be interpreted as investment advice or as an offer or solicitation for the purchase or sale of any financial instrument. The performance figures presented reflect the total return performance for the stated share class (after fees) and reflect changes in share price and reinvestment of dividend and capital gain distributions. All periods longer than one year are annualized. The Before Fees performance figures presented herein do not reflect the deduction of the Fund s total annual operating expenses, which includes, but is not necessarily limited to, advisory fees, administrative fees, and 12b-1 fees (where applicable). The After Fees performance figures reflect the deduction of all such fees. Neither Before nor After Fees performance figures reflect any applicable redemption fees, the performance figures would be lower if the fee was applied. Statements concerning financial market trends or portfolio strategies are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest for the longer term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice. Duration is a measure used to determine the sensitivity of a security s price to changes in interest rates. The longer a security s duration, the more sensitive it will be to changes in interest rates. By way of example, the price of a security with an average duration of eight years would be expected to fall approximately 8% if interest rates rose by one percentage point. The maturity of a security, another commonly used measure of price sensitivity, measures only the time until final payment is due, whereas duration takes into account the pattern of all payments of interest and principal on a security over time, including how these payments are affected by prepayments and by changes in interest rates, as well as the time until an interest rate is reset (in the case of variable-rate securities). PIMCO uses an internal model for calculating effective duration, which may result in a different value for the duration of an index compared to the duration calculated by the index provider or another third party. Portfolio allocations and other information in the charts in this Quarterly Investment Report are based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund s investments and other criteria. Summary of Performance Data and Portfolio Statistics 1 All time periods longer than one year are annualized and returns include reinvestment of dividends, income and capital gains, if any. The Fund offers different share classes which are subject to different fees and expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. In an environment where interest rates may trend upward, rising rates will negatively impact the performance of most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Each sector of the bond market entails risk. Shareholders of a municipal bond fund will, at times, incur a tax liability, as income from these funds may be subject to state and local taxes and, where applicable, the alternative minimum tax. The guarantee on Treasuries, TIPS and Government Bonds is to the timely repayment of principal and interest. Shares of mutual funds that invest in them are not guaranteed. Mortgage-backed securities are subject to prepayment risk. With corporate bonds there is no assurance that issuers will meet their obligations. An investment in high-yield securities generally involves greater risk to principal than an investment in higher-rated bonds. Investing in non-u.s. securities may entail risk as a result of non-u.s. economic and political developments, which may be enhanced when investing in emerging markets. These Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a fund could not close out a position when it would be most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in these instruments. The CommodityRealReturn Strategy Fund is intended for long-term investors and an investment in the Fund should be no more than a small part of a typical diversified portfolio. The Fund's share price is expected to be more volatile than that of other funds. This Fund will typically seek to gain exposure to the commodity markets by investing in commodity-linked derivative instruments such as index- and commodity-linked structured notes. These instruments and commodities in general may subject the Fund to greater volatility than investments in traditional securities. Commodities and commodity-index-linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as the trading activity of speculators and arbitrageurs in the underlying commodities. The PIMCO All Asset Funds NAV will fluctuate in response to changes in the NAV of the underlying Funds, and the cost of investing in those Fund will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. The principal value of inflation-indexed bonds adjusts to the rate of inflation. If the index measuring inflation rises or falls, the principal value will be adjusted accordingly, which will influence the interest payable on these securities. A fund, which concentrates its assets in one or a few sectors, may entail greater risk than a fully diversified fund and should be considered as only part of a diversified portfolio. 2 Standard deviation is a statistical measure of dispersion about an average, which for a mutual fund, depicts how widely the returns varied over a certain period of time. 10

12 Appendix March 31, 2015 Market Commentary and Market Outlook Real Return bonds, more commonly known as Treasury Inflation Protected Securities or TIPS, are issued and guaranteed by the U.S. government at a fixed rate that is adjusted based on the change of the Non-Seasonally Adjusted Consumer Price Index. Guarantee does not eliminate market risk. TIPS sacrifice some yield for the benefit of inflation protection. TIPS are only taxable at the Federal level. Investment grade corporate bonds are considered among the higher rated in the corporate bond sector. These securities are not guaranteed by the federal government and are thus more susceptible to default risk. Generally most corporate bonds are taxable at the state and federal level. Treasuries are guaranteed by the United States government and are only taxable at the Federal level. Guarantee does not eliminate market risk. Small-Cap debt securities are issued by entities and usually have a market capitalization of $500 million or less. These types of securities are usually taxable at the State and Federal level. These securities are not guaranteed by the federal government and are thus more susceptible to default risk. Investment grade corporate bonds are considered among the higher rated in the corporate bond sector. These securities are not guaranteed by the federal government and are thus more susceptible to default risk. Generally most corporate bonds are taxable at the state and federal level. Treasuries are guaranteed by the United States government and are only taxable at the Federal level. Guarantee does not eliminate market risk. Emerging Market bonds are susceptible to market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed foreign countries. High Yield bonds involve greater volatility and risk to principal than investments in higher-rated securities as the issuing entity has a lower credit rating possibly making the security more susceptible to default. Generally these types of bonds are taxable at the state and federal level. Inflation Linked Bonds (ILBs), are issued and guaranteed by the issuing government at a fixed rate that is adjusted based on the change of the issuing governments Consumer Price Index, or equivalent. Guarantee does not eliminate market risk. ILBs sacrifice some yield for the benefit of inflation protection. It is important to note that longer maturity bonds have greater volatility and risk when compared to shorter maturity bonds. Index Descriptions The Consumer Price Index is an unmanaged index representing the rate of inflation of the U. S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. CPI Basis Points benchmark is created by adding 5% to the annual percentage change in the Consumer Price Index ( CPI ). This index reflects seasonally adjusted returns. The Consumer Price Index is an unmanaged index representing the rate of inflation of the U.S. consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time. It is not possible to invest directly in an unmanaged index. Dow Jones UBS Commodity Index Total Return is an unmanaged index composed of futures contracts on 19 physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. It is not possible to invest directly in an unmanaged index. Dow Jones Wilshire REIT Total Return Index, a subset of the Wilshire Real Estate Securities Index (WRESI), is an unmanaged index comprised of US publicly traded Real Estate Investment Trusts. It is not possible to invest in such an unmanaged index. JPMorgan Emerging Local Markets Index Plus (ELMI) tracks total returns for local-currency-denominated money market instruments in 24 emerging markets countries with at least US$10 billion of external trade. Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. It is not possible to invest directly in an unmanaged index. Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding. Performance data for this index prior to 10/97 represents returns of the Lehman Inflation Notes Index. Barclays U.S. TIPS: 1-10 Year is an unmanaged index market comprised of U.S. Treasury Inflation Linked securities with maturities of 1 to 10 years. It is not possible to invest directly in such an unmanaged index. MSCI EAFE (Morgan Stanley Capital International Europe, Australasia, Far East) Hedged USD is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in US Dollars on a hedged basis. It is not possible to invest in such an unmanaged index. Russell 1000 Index is an unmanaged group of stocks considered to be representative of the large cap market in general. It is not possible to invest directly into this index. Russell 2000 Index is an unmanaged group of stocks considered to be representative of the small cap market in general. It is not possible to invest directly into this index. The S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. It is not possible to invest directly in the index. JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) is a comprehensive global local emerging markets index, and consists of regularly traded, liquid fixed-rate, domestic currency government bonds to which international investors can gain exposure. It is not possible to invest directly in an unmanaged index. 11

13 This material is authorized for use only when preceded or accompanied by the current PIMCO funds prospectus. This report includes information as of 03/31/2015 and contains the current opinions of the manager and such opinions are subject to change. This report is distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. The fund offers different share classes, which are subject to different fees & expenses (which may affect performance), have different minimum investment requirements and are entitled to different services. PIMCO is a trademark or registered trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. THE NEW NEUTRAL and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registered trademarks of Pacific Investment Management Company LLC in the United States and throughout the world. PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY, is a company of PIMCO. No part of this report may be reproduced in any form, or referred to in any other publication, without express written permission. 2015, PIMCO.

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