(PUB) Investing 2015

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May 2015

Morningstar FundInvestor

Data through April 30, 2015 PIMCO Total Return Instl

Ticker Status Yield SEC Yield Total Assets Mstar Category PTTRX Open 4.0% 1.46% $117,398 mil Intermediate-Term Bond

Morningstar Analyst Rating 04-22-15 ´

Investment Style Fixed Income Income Rtn %Rank Cat

Historical Profile Return Risk Rating Above Avg High Above Avg

Manager Change Partial Manager Change

10.0 12.0 14.0 16.4 18.4

Morningstar Pillars Process Performance

Positive Positive Positive Neutral Positive

Growth of $10,000

NAV Total Return % +/-BC Agg Bnd +/-BC Agg Bnd Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Investment Values of Fund Investment Values of BC Agg Bnd Performance Quartile (within Category) History

People Parent Price

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 04-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´x ¨

10.67

10.50 2.89 0.46 0.46 3.73 -0.84

10.38 3.99 -0.34 -0.34 4.76 -0.77

10.69

10.14 4.82 -0.42 -0.42 5.25 -0.43

10.80 13.83

10.85

10.87 4.16 -3.68 -3.68 4.00 0.16

11.24 10.36

10.69 -1.92 0.10 0.10 2.39 -4.31

10.66 4.69 -1.28 -1.28 4.23 0.46

10.77

5.14 0.80 0.80 2.43 2.71 0.26 0.33 0.43 2.73 273 12

9.07 2.10 2.10 5.26 3.81 0.53 0.07 0.43 4.82 257 1

8.83 2.29 2.29 3.33 5.50 0.35 0.54 0.46 4.07 402 26

1.62 0.38 0.38 0.59 1.03 0.06 0.00 22

7.90 7.90 6.01 7.82 0.59 0.11 0.45 5.37 300 46

6.15 6.15 4.47 5.89 0.47 0.27 0.46 3.11 584 12

Pillar Spectrum Positive

0.39 0.08 0.43 2.41 470

0.49 0.04 0.43 4.09 325

0.55 0.49 0.43 5.15 226

0.43 0.00 0.46 2.92 430

0.27 0.07 0.46 2.54 227

0.44 0.08 0.46 2.10 227

§ Negative

¶ Neutral

. . .

Performance 04-30-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total 4.16

2011 2012 2013 2014 2015

1.11 1.86 2.88 2.79 0.60 -3.60 1.30 2.37

-1.06 2.22

68,941 85,898 150,959 175,137 144,429 138,794 115,919 80,240 69,945 60,280 54,598 45,790

3.15 1.17 10.36 1.17 -0.03 -1.92

Portfolio Analysis 12-31-14

Rating and Risk Time Load-Adj

-0.36 1.32

4.69

2.22

Date of Maturity

Amount

Value % Net $000 Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. . . .

Period Return % Rtn vs Cat

Total Fixed-Income:8364

$000

1 Yr 3 Yr 5 Yr

4.26 3.33 4.64 6.03 7.79

Trailing

Total

+/- BC

+/- BC %Rank Growth of

10 Year US Treasury Note

03-27-15

25.21 17.41 13.13

. .

Return% Agg Bnd Agg Bnd

Cat

$10,000

+Avg Avg High

High High +Avg

Pimco Fds

06-08-15 2,518,712

3 Mo 6 Mo 1 Yr

-0.99 -0.15 2.14 0.08 4.26 -0.20 3.33 0.73 4.64 0.52 6.03 1.28 6.79 1.14

-0.15 0.08 -0.20 0.73 0.52 1.28 1.14

90 9,901 18 10,214 33 10,426 35 11,033 35 12,546 5 17,959 4 26,789

30 Year US Treasury Bond Ois Usd Fedl01/0.08875 1 Long Term Euro BTP Futur

03-20-15

. .

10 Yr Incept

02-27-15 9,445,800 9,445,085 6.59 03-06-15 3,461,100 5,679,071 3.96 01-14-45 5,037,501 5,468,837 3.81 08-15-44 4,984,451 5,367,241 3.74 01-14-45 4,419,001 4,716,541 3.29 10-15-17 4,473,201 4,443,198 3.10 06-19-24 3,800,000 3,994,149 2.79 01-15-27 3,119,575 3,738,371 2.61 01-15-29 2,735,809 3,401,166 2.37 01-15-26 2,648,164 3,038,769 2.12 01-15-28 2,659,708 3,015,237 2.10 01-15-25 2,509,267 2,949,957 2.06 01-15-22 2,403,084 2,340,378 1.63 11-15-44 2,184,700 2,296,665 1.60 01-15-29 2,047,000 2,162,623 1.51 06-19-24 1,850,000 1,984,973 1.38 01-02-17 6,117,201 1,878,536 1.31

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index BC Agg Bnd

FNMA 4.5% TBA

BC Agg Bnd

US Treasury Bond 3.125%

Alpha

0.2

0.3

FNMA 4% TBA

Beta

1.20

Ois Usd Fedl01/1.0 10/15 Irs Usd 4.000 06/19/19-5 US Treasury TIP 2.375% US Treasury TIP 2.5% US Treasury TIP 2% US Treasury TIP 1.75% US Treasury TIP 0.125% US Treasury Bond 3% Fed Natl Mort Assc 3.5% Irs Usd 4.500 06/19/19-5 Zcs Brl R 11.47 08/15/13 US Treasury TIP

R-Squared

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 1.58 50 1.69 94 2.77 54 1.78 93 3.97 9 1.95 96 Potential Capital Gain Exposure: 2% of assets Morningstar’s Take by Sarah Bush 04-22-15 Nearly seven months out from Bill Gross’ abrupt departure from PIMCO, there are signs of progress at the firm and its flagship fund PIMCO Total Return. The new three-manager investment team of PIMCO veterans Scott Mather, Mark Kiesel, and Mihir Worah is off to strong start, with Mather responsible for final decision-making. That said, we are maintaining its Morningstar Analyst Rating of Bronze to reflect risks associated with ongoing outflows and because it will take some time to see how the three new portfolio managers, all strongly opinionated and talented investors, coalesce as a team. One of the fears following Gross’ departure was that the firm would see an exodus of top investment talent. However, despite a handful of departures (notably, Saumil Parikh and Paul McCulley), PIMCO’s senior investment ranks have been otherwise stable. Meanwhile, several high-profile new and returning hires have bolstered the ranks of the firm’s investment committee and the macroeconomic team backing its efforts. These additions, together with efforts made

Standard Deviation

3.67 3.33 0.90

Mean

Sharpe Ratio

since early 2014 to broaden this group’s makeup and to increase debate and discussion, are encouraging. The smooth functioning of the committee, which includes all three portfolio managers, is key to this fund’s success. Redemptions remain a worry, even though they slowed some in March and PIMCO’s senior management team has indicated that they expect them to taper further in upcoming months. Flows have not yet taken a significant toll on returns--over the trailing six months through March 2015, the fund’s 3.6% gain tops that of the Barclays U.S. Aggregate Bond Index and roughly 90% of its peers thanks in part to astute currency positioning--but they could still pose a problem should performance weaken or should the bond markets hit a period of turbulence. These risks notwithstanding, PIMCO’s depth of investment talent continues to inspire confidence in this fund’s ability to reassert itself as a topnotch choice for bond investors.

Sector Breakdown

% of assets

Current Investment Style

US Treasury

Duration Ltd Mod Ext

Non US Government Government Related

Quality High Med Low

5 8 6 0

Corporate

figure provided by fund

Agency MBS Pass-Through

Agency MBS ARM Agency MBS CMO 0 Non-Agency Residential MBS 3 Commercial MBS 1 Asset-Backed 1 Municipal 3 Cash & Equivalents 26 Other 0 Composition - Net Cash 46.7 Bonds 46.3 Stocks 0.0 Other 7.1

1 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price

4.9 Yrs 10.5 Yrs

4.19%

67.02% of par

Coupon Range

% of Bonds Rel Cat

0% PIK 0% to 6% 6% to 8% 8% to 10%

0.2 0.1 89.5 1.1 7.1 0.6 1.0 0.3 2.2 3.7

More than 10%

Address:

PIMCO Investments LLC distributor New York, NY 10019 888-877-4626 https://investments.pimco.com

Minimum Purchase: Min Auto Inv Plan:

$1000000

Add: $0 IRA: $0

1.00=Category Average

Add: .

Credit Analysis

Special Securities Restricted/Illiquid Secs Exotic Mortgage-Backed Emerging-Markets Secs Options/Futures/Warrants

% bonds 12-31-14

Sales Fees:

No-load

AAA

9 0 2

. . . .

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.25%, 0.21%A

05-11-87

Actual Fees:

Mgt:0.46% Dist: .

Pacific Investment Management Co LLC

Expense Projections: Income Distribution:

3Yr:$148 Monthly

5Yr:$258 10Yr:$579

Below B NR/NA

None

BBB

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely.Past performance isnoguaranteeof future results.Accessupdated reports at Toorder reprints, call 312-696-6100. mfb.morningstar.com.

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