Short exposure to US equities

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2 Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent with its secondary benchmark of CPI+%; 2) return diversification away from traditional stock/bond approaches; and ) greater inflation protection than may be provided by traditional stocks and bonds. CONTRIBUTORS Positions in emerging markets equities Positions in developed ex-us equities Exposure to emerging market bonds Exposure to commodities DETRACTORS Short exposure to US equities Performance periods ended Sep '17 mos. 6 mos. 1 yr. yrs. yrs. 1 yrs. SI Fund after fees Benchmark* Secondary Benchmark** 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 pimco.com or call PIMCO. Portfolio strategy Tactically allocate across third pillar assets, using a value-oriented, contrarian approach, in seeking maximum real return that also provides diversification away from fully valued U.S. equities and high correlation to changes in inflation expectations. Current positioning is further intended to benefit from a continuation of three key recent trends: 1) stable to rising inflation expectations; 2) stabilization/recovery of emerging markets; and ) value outperforming momentum, across asset classes and within global equities. Class: INST Inception date: 1 Oct ' Fund assets (in millions): $8, Annual operating expense: 1.99% Net operating expense: 1.89% Asset allocation Market value Third Pillar 77.9% Emerging Markets Equities 19.8% Commodities and REITs 12.9% Emerging Markets Bond 2.% Credit 16.1% Global Bonds.% Inflation-Linked Bonds.% Alternative Strategies.9% Second Pillar 19.% U.S. Core Bonds 7.4% U.S. Long Maturity Bonds 7.2% Short-Term Bonds 4.7% First Pillar -8.% U.S. Equities -24.4% Developed ex-u.s. Equities 16.1% Leverage versus Net Assets 1.4x *S&P Index; **Consumer Price Index + 6 Basis Points 1

3 Strong third pillar returns YTD 217, continuing 216 s rebound Asset class returns YTD % % 27.8% 2% 2% 21.% 2.% 1% 1% % % 14.2% 12.% 1.9% 1.%.1% 2.6% 6.% 1.%.1%.6% 6.6% 14.7% 14.% 9.9% 11.2%.2% 7.% 6.7% 1.7% 11.8% -% U.S. equities Small cap equities Developed ex. U.S. equities U.S. core fixed income Long U.S. Treasuries U.S. investment grade credit U.S. high yield EM local bonds EM equities Long U.S. TIPS REITs -2.9% Diversified commodities First Pillar Second Pillar Third Pillar Source: Barclays, BofA, JPMorgan, Bloomberg. U.S. equities represented by the S&P Index; Small cap equities represented by the Russell 2 index; Developed ex. U.S. equities represented by the MSCI EAFE Net Dividend Index (USD Unhedged); U.S. core fixed income represented by the Bloomberg Barclays U.S. Aggregate Index; Long U.S. Treasuries represented by the Bloomberg Barclays Long-Term Treasury Index; U.S. investment grade credit represented by the Bloomberg Barclays U.S. Credit Index; U.S. high yield represented by the BofA Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index; EM local bonds represented by the JPMorgan Government Bond Index- Emerging Markets Global Diversified Index (Unhedged); EM equities represented by the MSCI EM Index; Long U.S. TIPS represented by the Bloomberg Barclays U.S. Treasury Inflation Notes: 1+ Year Index; REITS represented by the Dow Jones U.S. Select REIT Total Return Index.; Diversified commodities represented by the Dow Jones-UBS Commodity Index Total Return. 2

4 All Asset posted strong performance YTD, continuing the 216 rebound Strong performance in was fueled by three factors, which represented a reversal of headwinds from 21-21: First, rising inflation expectations amid a recovery in oil prices and reduced fears of a China slowdown. Second, EM stabilization given attractive valuations and strengthening EM currencies. Third, value outperforming momentum as fundamentals improved. Global Equities For Q, an emphasis on EM stocks meaningfully contributed as the region outpaced developed peers, returning 7.9%. The Fund benefited from its sizeable position in dev. ex-us equities, as the sector rose.4%. While US stocks moved towards record highs, rallying.1%, this had minimal contribution towards the Fund, which held a minimal allocation due to full valuations. US core and long maturity bonds Despite a hawkish tone to the Fed s statement in September, U.S. Treasury yields only moved slightly higher. Also, continued demand for yield amid a supportive growth environment caused credit and mortgage spreads to narrow. This resulted in positive total returns for the quarter, which benefitted All Asset s performance given increased allocations to these risk reducing sectors. Emerging market bonds and currencies All Asset's emphasis on EM bonds contributed as returns were positive in Q, with local currency index yields moving lower and hard currency spreads tightening. Exposure to EM currencies also added to performance as the asset class generally strengthened on the back of improving fundamentals, rising oil prices, and buoyant risk sentiment. All Asset All Authority Attribution Q 217 YTD Emerging Markets Equities 2 16 Commodities and REITs 2 Emerging Markets Bonds 1 Credit Global Bonds Inflation-Linked Bonds Alternative Strategies US Core Bonds 69 US Long Maturity Bonds 6 Short-Term Bonds US Equities, Net 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 Developed ex- US Equities

5 U.S. GDP: 1.7% 2.2 % CPI: 1.7% 2.2% -- RUSSIA GDP: 1.% - 2.% CPI:.% - 4.% U.K. GDP: 1.2% - 1.7% CPI: 2.% - 2.% -- EUROZONE GDP: 1.7% - 2.2% HICP: 1.% - 1.% JAPAN GDP:.7% - 1.2% CPI:.% - 1.% MEXICO GDP: 2.% -.% CPI: 4.% -.% CHINA GDP:.% - 6.% CPI: 1.% - 2.% BRAZIL GDP: 2.% -.% CPI:.% - 4.% INDIA GDP: 7.% - 8.% CPI: 4.% -.% Forecasts GDP Inflation % of world GDP Change relative to 217 data PIMCO forecast ranges as of September 217. Real GDP and inflation projections reflect the midpoints of PIMCO s forecast ranges for Developed Markets Emerging Markets World

6 (%) Net assets (%) Net assets (%) Net assets (%) Net assets Strategic Positioning The Fund is emphasizing Third 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 6/4 balanced portfolios. Key strategies Position Equities Our U.S. equity allocation remains low as a mature U.S. bull market has led to full valuations and reduced return expectations. Instead we are focusing on EM and developed ex-us equities given higher dividend yields and substantially more attractive valuations. % 1% % -1% -% 2Q17 Q17-2.1% -24.4% U.S. Equities, Net Short 16.7% 16.1% 19.9% 19.8% Developed ex-u.s. Equities EM Equities Emerging markets EM assets (equities and local debt) are attractive given depressed prices, elevated yields and inflation hedging properties. We find EM currency exposure attractive due to its potential for higher expected returns via exchange rate appreciation and yield premium. U.S. core and long maturity bonds Maintained long maturity bond exposure following the post-election rise in yields, and given their risk diversification potential versus risk assets. Increased positions in core bonds reflect increased relative attractiveness and modest risk reduction at the portfolio level. % 2% 1% % 1% 8% 6% 4% 2% % 2Q17 2Q17 Q17 2.4% 2.% 19.9% 19.8% EM Bonds Q17 6.% US Core Bonds EM Equities 7.4% 7.% 7.2% US Long Maturity Bonds Alternative strategies Allocations to alternatives were reduced over the last year as bond yields rose, presenting a more traditional "dry powder" allocation. However, they remain at levels that help diversify the Fund s long-only holdings and also act as dry powder in the event of future dislocations. 1% 1% % % 2Q17 Q17.8%.9% Alternative Strategies

7 Percent of net assets (%) 1 Current allocation mix Emerging markets equities Commodities and REITs Emerging markets bonds Credit Global bonds Inflation-linked bonds Alternative strategies U.S. Long maturity bonds U.S. Core bonds Short-term bonds Developed ex-u.s. equities U.S. equities - Dec '11 Dec '1 Dec '1 Jun '16 Dec '16 Sep '17 6

8 PIMCO All Asset All Authority Fund (net of fees performance) Performance periods ended: Sep '17 Annual operating expense Net expense ratio NAV currency Class Inception date mos. 6 mos. 1 yr. yrs. yrs. 1 yrs. SI Class A (at NAV) USD 29 Jul ' Class A (at MOP) USD 29 Jul ' Class C (at NAV).19.9 USD 29 Jul ' Class C (at MOP).19.9 USD 29 Jul ' Class D USD 29 Jul ' Class INST USD 1 Oct ' Class P USD 1 Jul ' S&P Index Consumer Price Index + 6 Basis Points 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 pimco.com or call PIMCO. The maximum offering price (MOP) returns take into account the Class A maximum initial sales charge of.%. The maximum offering price (MOP) returns take into account the contingent deferred sales charge (CDSC) for Class C shares, which for this fund is 1.%. Certain classes may have an inception date which is different than the inception date of the fund. For the periods prior to the inception date of the oldest class shares, performance information is based on the performance of the oldest class shares, adjusted to reflect the actual distribution and/or service (12b-1) fees and other expenses paid by the other class shares. The net expense ratio reflects a contractual expense reduction agreement through 1 July

9 This material is authorized for use only when preceded or accompanied by the current PIMCO funds prospectus or summary prospectus, if available. Past performance is not a guarantee or a reliable indicator of future results. The performance figures presented reflect the total return performance, 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 minimum initial investment for institutional, administrative, and P class shares is $1 million; however, it may be modified for certain financial intermediaries who submit trades on behalf of eligible investors. There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund s total return in excess of that of the fund s benchmark between reporting periods or 2) a fund s total return in excess of the fund s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund s performance as compared to one or more previous reporting periods. Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance. Differences in the Fund s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. A word about risk: The fund invests in other PIMCO funds and performance is subject to underlying investment weightings which will vary. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Commodities contain heightened risk including market, political, regulatory, and natural conditions, and may not be suitable for all investors. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Investing in securities of smaller companies tends to be more volatile and less liquid than securities of larger companies. Inflation-linked bonds (ILBs) issued by a government are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. Derivatives and commodity-linked derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Commodity-linked derivative instruments may involve additional costs and risks such as changes in commodity index volatility or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Investing in derivatives could lose more than the amount invested. The cost of investing in the Fund will generally be higher than the cost of investing in a fund that invests directly in individual stocks and bonds. Diversification does not ensure against loss. S&P 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 an unmanaged index. 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. All funds are separately monitored for compliance with prospectus and regulatory requirements. 8

10 The following defined terms are used throughout the report. Emerging market short duration instruments includes an emerging market security or other instrument economically tied to an emerging market country by country of risk with an effective duration less than one year and rated investment grade or higher or if unrated, determined to be similar quality by PIMCO. Net other short duration instruments includes securities and other instruments (except instruments tied to emerging markets by country of risk) with an effective duration less than one year and rated investment grade or higher or, if unrated, determined by PIMCO to be of comparable quality, commingled liquidity funds, uninvested cash, interest receivables, net unsettled trades, broker money and derivatives offset. With respect to certain categories of short duration securities, the Adviser reserves the discretion to require a minimum credit rating higher than investment grade for inclusion in this category. Short duration derivatives and derivatives offsets include: 1) derivatives with an effective duration less than one year and where the country of risk is not an emerging market country (for example, Eurodollar futures) and 2) offsets associated with investments in futures, swaps and other derivatives. Such offsets may be taken at the notional value of the derivative position which in certain instances may exceed the actual amount owed on such positions. Municipals/Other may include convertibles, preferred and yankee bonds. The SEC yield is an annualized yield based on the most recent day period. The average distribution yield is the average of the last four quarterly distribution yields. The quarterly distribution yield is calculated by annualizing the quarter's distribution and dividing by the NAV on the last business day of the period. It does not include long- or short-term capital gains distributions. Average coupon is the average of the coupon payments of the underlying bonds within the portfolio. Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each bond s effective maturity by the market value of the security. Duration is the measure of a bond's price sensitivity to interest rates and is expressed in years. Effective duration is the duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change. Information ratio is a ratio of portfolio returns above the returns of a benchmark to the volatility of those returns. Tracking error measures the dispersion or volatility of excess returns relative to a benchmark. Tracking error measures the dispersion or volatility of excess returns relative to a benchmark. 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 long term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice. The performance figures presented reflect the performance for the institutional class unless otherwise noted. A note about Sector exposure: Other indicates swaps and securities issued in euros. A note about Emerging markets exposure by country of risk: country of risk reflects the country of incorporation of the ultimate parent company. 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. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. PIMCO Investments LLC, distributor, 16 Broadway, New York, NY, 119 is a company of PIMCO 217 PIMCO. 791_QIR-Q17 9