(PUB) Morningstar FundInvestor

6

Data through November 30, 2013 PIMCO Global Multi-Asset D

Ticker

Status Yield Total Assets

Mstar Category Tactical Allocation

PGMDX Open

2.3% $2,664 mil

Morningstar Analyst Rating 11-25-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Below Avg Average Below Avg

ˇ

Manager Change Partial Manager Change

12.0 14.0 16.0

Morningstar Pillars Process Performance

Growth of $10,000

Neutral Negative Neutral Positive Neutral

¶ § ¶

Investment Values of Fund Investment Values of M* MdTgRk

10.0

People Parent Price

8.0

¶

NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11-13

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 „ ´ˇ ¨

11.45 10.94 9.67 . . . . . . 11.57

10.69 -1.72 -2.31 0.21 4.62 -6.34

10.39 -8.36

8.91 11.75 19.26 . . . . . . . -0.58 -2.51 . . . . . . . -3.17 -8.29 . . . . . . . 3.93 4.77 . . . . . . . 7.82 14.49 . . . . . . . 38 58 . . . . . . . Income $ 0.11 0.15 0.52 0.42 0.46 -21.55 -3.13 -26.79 -5.42 0.93 -9.29 1.37 7.54 95 62 49

Pillar Spectrum Positive

0.32 . . . . . . 0.14 0.00 . . . . . . 0.04 0.16 0.22

§ Negative

¶ Neutral

0.00

Capital Gains $

Expense Ratio % 1.61 . . . . . . . . . . . Income Ratio % 1.89 2.24 3.54 2.02

Performance 11-30-13 1st Qtr 2nd Qtr

3.89 . . . . . . . 71 136 . . . . . . . 223 94 38

3rd Qtr

4th Qtr

Total

Turnover Rate % Net Assets $mil

2009 2010 2011 2012 2013

-3.83 8.66 11.31 2.52 19.26 1.92 -4.75 10.49 4.18 11.75 3.71 0.83 -7.75 1.89 -1.72 5.43 -3.02 5.29 1.17 8.91 0.05 -8.48 -0.01 . .

200 104 3 . . . . . . 221 199

94

Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:1 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Irs Usd 3mlq/3.00000s 03 Irs Aud 6mbbs/3.75000s 1 Irs Aud 6mbbs/4.25000s 1 US Treasury Note 2% PIMCO Income Instl Vanguard FTSE Emerging M Irs Aud 6mbbs/4.00000s 1 PIMCO Unconstrained Bond PIMCO EqS Pathfinder Ins PIMCO EqS Dividend Insti Irs Aud 6mbbs/3.50000s 1 PIMCO Short-Term Floatin Letra Tesouro Nacional PIMCO EqS Emerging Marke Irs Gbp 6mls/3.00000s 03 Irs Brl Zcs R 8.2/Cdi 12 iShares China Large-Cap Irs Aud 6mbbs/3.50000s 0 Irs Aud 6mbbs/3.75000s 0

48.81 15.12 14.65 12.63

. . . . . . . . . . . .

1 Yr 3 Yr 5 Yr

-6.64 0.61 6.46

Trailing

Total

+/- M* +/- Mstr

%Rank Growth of

Return% MdTgRk Md Ag Rk

Cat

$10,000

-Avg -Avg

Avg Avg

3 Mo 6 Mo 1 Yr

1.65 -5.04

-6.97

88 10,165 98 9,274 95 9,336 90 10,184

-7.26 -13.65 -16.01 -6.64 -21.13 -27.07 0.61 -9.34 -11.38

10 Yr Incept

. . . .

4.61 11.20

. .

5.39

10.94 9.64

. . . . . .

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

Other Measures

Standard Index

Best Fit Index Mstar Mod Inc

6.46 -6.05 85 13,675 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat -8.55

-1.60 9.12 17.16 6.62 17.49 6.43

. . . . . .

M* MdTgRk

Alpha

-8.7 0.99

-10.5 1.64

Beta

6.01 5.80 5.35 4.79 4.71 4.68 4.44 4.38 4.35

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

R-Squared

75

84

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

-0.84 4.85

89 86

1.44 1.52

80

Standard Deviation

9.58 0.61 0.10

86 . . . .

0.56 5.19

Mean

Sharpe Ratio

Potential Capital Gain Exposure: -10% of assets

Morningstar’s Take by Michael Herbst 11-25-13 A manager change at PIMCO Global Multi-Asset signals slight modifications. Effective Nov. 30, 2013, PIMCO CEO and co-CIO Mohamed El-Erian replaces Saumil Parikh as this fund’s lead manager. El-Erian steps back into the lead role alongside comanagers Curtis Mewbourne and Vineer Bhansali in response to recent performance challenges. The fund’s 5.0% loss over the trailing year through Nov. 23 stems from management’s early 2013 decision to scale back the portfolio’s equity exposure in favor of sovereign bonds. Its stakes in sovereign bonds and emerging markets (equity and debt) took it on the chin during the second quarter, while U.S. equities continued to rally. Similarly, the fund’s defensive positioning in early 2009 and early 2012 weighed on its relative performance. The fund’s 3.6% annualized gain since its October 2008 inception lags its 1-Month Libor Plus 5% benchmark by 1.7 percentage points. As before, PIMCO’s longer-term macroeconomic outlook guides the fund’s asset allocation. El-Erian’s team continues to build the portfolio with a mix of

underlying funds, individual securities, and derivatives, with tail-risk hedges intended to protect the fund against losses of greater than 15% in a rolling 12-month period. The team is modifying how it mitigates risks or attempts to cash in on market opportunities over shorter-term (six- to 12-month) periods. In particular, it intends to react more forcefully to market disruptions--such as central bank policy decisions or shifts in supply and demand for certain types of securities--that may trump its longer-term outlook. Despite management’s prowess in narrower slices of the market, making those shorter-term moves, in an admittedly vexing market environment, hasn’t worked out as consistently as it would have hoped. That conundrum, Parikh’s brief tenure, and the potential for strategy or personnel adjustments drop the fund’s People and Process pillar scores to Neutral from Positive, and its Morningstar Analyst Rating to Neutral from Bronze. It will take time to assess if El-Erian’s return gives the fund a competitive edge.

US Treasury Bond

Current Investment Style

Sector Weightings

% of Stocks

Rel M* MdTgRk High

3 Year Low

Market Cap % Giant 48.9 Large 27.3 Mid 18.1 Small 4.8 Micro 0.9 Avg $mil: 22,558

Value Blnd Growth

Large Mid Small

Cyclical 43.41 1.11 BasicMat 5.95 1.03 . . CnsmrCyc 5.91 0.51 . . FinanSvs 29.84 1.65 . . Real Est 1.71 0.46 . . Sensitive 33.13 0.88 CommSrvs 9.02 2.34 . . Energy 9.92 1.12 . . Industrl 5.09 0.40 . . Technlgy 9.10 0.74 . . Defensive23.45 1.01 CnsmrDef11.13 1.26 . . Hlthcare 9.75 0.95 . . Utilities 2.57 0.63 . .

h r t y u j i o p a k s d f

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

11.55 1.56 1.13 4.43 3.30 11.43 -29.95 1.87 -12.40 -29.29

. . . . .

% Rel Category

. NMF . NMF NMF

Composition - Net

Cash -74.9 Stocks 30.6 Bonds 135.0 Other 9.3 Foreign 74.6

Address:

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

Minimum Purchase: Min Auto Inv Plan:

$1000

Add: $50 IRA: $0

$0

Add: .

Profitability

% Rel Category

Sales Fees:

No-load,

Return on Equity Return on Assets Net Margin

18.03 7.20 18.14

. . .

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

Management Fee:

0.90%, 0.40%A

(% of Stock)

10-29-08

Actual Fees:

Mgt:1.30% Dist:0.25%

Pacific Investment Management Co LLC

Expense Projections: Income Distribution:

3Yr:$514 Quarterly

5Yr:$887 10Yr:$1933

None

N/A

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

EQ